Financial Times , 1982, UK, English

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TWO HARRIERS REPORTED LOST

BUSINESS

West Bank Record
and Gaza high for
mayors actuaries
call strike index

An indefinite strike by niuni-

Two Harrier jump jets viih
the Royal Navy task force are
reported to have been lost
and their pilots killed.

However it was reported
last night that, the tv* vertical
take-off fighters were involved
In an accident. They were
apparently not shot down by
Argentine fire.

The precise nature of the
accident was. not clear. There

were reports that it involved
aircraft based on the carrier
JIMS Hermes, the task force
flag ship.

The Ministry of Defence
described rhe loss of the air-
craft as “speculation"

Official spokesman have

never confirmed the precise
number of Sea Harriers with
the task force, but the 19,000
ton Hermes is believed to

carry about 12 and HMS
Invincible, the other carrier
with the group, eight to 10.

So far the task force has
lost one other Harrier — in
an attack on Tuesday night
on Goose Green airstrip on
East Falkland.

The loss of three Sea
Harriers out of about 20 must
he a serious blow to the task
force. The aircraft are needed

to give air cover to war ships
and to try to establish air
superiority over the 200-milc
total exclusion zone which
Britain has established around
the Falkland islands.

The loss of HAIS Sheffield
destroyed earlier this week
by a missile fired from an
Argentine fighter which was
within the zone shows how
tenuous Is Britain's control of
the Falklands air space.

Reagan agrees
surprise budget
deal in Senate

BY ANATOLE KALETSKY IN WASHINGTON

ri!al5 £ll?e !e SdSPcESn. .3* bighlr atOTML
SSSSSUmSPaii Sil Thc Actuaries 500 share j

Gaza Strip from Saturday has
been proclaimed by 20 Arab
mayors after weeks of anti*'
Israeli riots.

Essential services may be
included later if Israel does not
end its civil administration and
reinstate four dismi ssed mayors

In Geneva, the international
Labour Organisation, criticised
Israel for Arabs’ worsening
work conditions in the terri-
tories. It said. Arabs felt Israel
was dispossessing them of
heritage, means of existence
and identity. There was child
labour, inadequate job training
and ligbt control of trade
unions.

Cuban N-pIant

Building of an SSO a»W nuclear

FT Indices

Hopes of Falklands
ceasefire collapse

BY PETER RIDDELL AND DAVID TONGE IN LONDON AND JIMMY BURNS IN BUENOS AIRES

DoHar in LONDON

I2-45K5ST

Ligtni tt» D-Mark

DIPLOMATIC efforts to resolve However, his statement came There was intensive diplo-
the Falklands crisis received a after a day when both sides had malic activity yesterday, involv-
sharp setback last night when repeated their tough negotiat- ins Mr Alexander Haig, the U.S.
hopes collapsed of agreement on ing positions over the Falklands Secretary of State, the Peruvian
a ceasefire to take effect ibis crisis, causing fears to mount Government, and the UN. It
afternoon. that the two sides' casualties was centred primarily on darify-

Xn London, thc Foreign Oficf and nearly a week of intense in" peace proposals, with no
said last night that Argentina diplomatic activity have yet to evidence so far of any significant
had rejected Peruvian proposals bridge the gulf between them. progress.

In the Commons yesterday, The intensification of diplo-

There was intensive diplo-

APRIL 1982 MAY

progress.

The intensification of diplo-

\ APR my 1982 HAY . J

index rose 1.4 per cent to a:
record high of 252.78. Page 39

GILTS:

Government

* .-v M

power-station in Cuba, its first, Securities Index jumped 0.61
starts soon with Soviet aid. to 5S.28— -iis biggest one-day

advance since the Falklands

House-starts rise Pa se 39

The number of house-starts in S WALL STREET was 8.56 up
the first quarter was 43,000, at S63J)1 near the close. Page 38
indicating a housebuilding

recovery. Page 9 O STERLING gained 1.475

• cents oil the day to dose In

Unlirlnv hnmie London at $L8205. It rose to-

non nay bonus dm - isos idm lists).

6 STERLING gained 1.475
cents on the day to dose in

FALKLANDS WEATHER :
Wind N.W„ force S (20
knots), 8 ft waves. Cloud
increasing; scattered showers.
Visibility generally good.
Temp. mld-40s F. Outlook :
Winds shifting S, more dond,
cooler.

Falklands crisis. Page 4
Cabinet response to UN
positive. Page 12-
Politics today. Page 25
Lombard, Page 2 5

Mrs Margaret Thatcher, stressed malic efforts eame alongside the
that British acceptance of any first indications of a drop in
proposals for a cease fire was public support for the British
dependent upon fully super- Government's policies and. in
vised withdrawal of Argentine particular, for the military
forces from the Falkland actions earlier this week.

Pound gains
ground as
dollar slips

By David Marsh

STERLING gained ground in

PRESIDENT Ronald Reagan yes-
terday ‘ endorsed a new budget
plan, designed by the Republi-
can majority on Senate Budget
Committee to reduce the 1983
federal deficit to $105bn.

The plan was agreed between
the committee’s chairman,
Senator Pete Domenici, and Mr
David Stockman, the White
House Budget Director, on
Wednesday night, within hgurs
of The committee's unanimous
rejection of the president's
original Budget, which would
have produced a deficit of
$132bn-

The sudden compromise be-
tween the White House and the
Senate Republicans, after three
months of bitter disagreement,
was described as “ miraculous *
by Mr Howard Baker, the Senate
majority leader. Mr Reagan
said in a brief statement yester-
day that it was a “ balanced and
fair” agreement, and that it
should reassure the financial
markets, which have been
seriously demoralised by the
Budget stalemate.

Islands. In Brussels. Mr .lobn Meanwhile in the Commons London yesterday as the Dollar the Republica£do£i- eSnSnSuon of fralS^wwS Sd

Non. the Defence Seer elan'. Mrs Thatcher suggested that the fell generally on hopes of a S Senate is now veiTukely. eUmmaUon of fraud, waste and

said: “We are perfectly pre- apparently favourable Argen- further cut mU.S. interest rates SSSiffl ltw£ ab ^f- , ,

pared to accept a ceasefire that tine response early yesterday after the American budget com- uvTearlv to sav whether ^ new P lan dlffers from

would run concurrently with forcing to ideas put toward promise. the plan would win enough back- Mr . s original budget

Argentine withdrawal” by the UN could be a “ploy” to Confidence on the London inn from conservative Democrats mainly in its bigger provision

However, in Buenos Aires Sr keep possession of their Ul- financial markets recovered opt through the House of * or *** increases and lie pro-

Amadeo Frugoli. the Argentine gotten gams. ** We are right to slightly after the pound’s fall i»nrns<mtativK which has a P 05 * 1 !or savin es <» s*** 31

Defence Minister. said be very wary of it. There can . on Wednesday and foreien ”j' s*,; security pensions.

that it President Reagan — sudden
financial . compromise

? been

by the 9 Other welfare cuts amount-
ing to $33bn and $33bn in
passage "management savings” through

Defence Minister, said
Argentina would insist on a

be very wary of it. There can . on Wednesday and foreign Democratic maioriiv

be no ceasefire unless it is exchanges took comfort from ^ apparent unity

The new plan differs from
Mr Reagan’s original budget
mainly in its bigger provision
for tax increases and the pro-
posal for savings on social
security pensions.

Other welfare programmes

cease fire before even accepting accompanied by a withdrawal the lack of further hostilities in between the Republican Party are treated somewhat more
United Nations mediation in the which is ,f u Uy and properly the Falklands confrontation. and white House may be generously in the new plan,

dispute. He also repeated supervised, she said. Sterling closed jn London at deceptive because the new pro- The savings and tax increases

rS.rtnn 1 V si iwSs Si . United Nations mediation in the which i s fully and properly the Falklands confrontation. ^ d

L^n M 8L8205. It jok to- aimed at stopping hostilities be- dispute. He also repeated supervised, she said. Sterling closed in London at detective

m M wee n, Bri i.U. and A^entina. Argentine deromds ttil Brilain TOere ha3, n e'-enl.el_«.,,been ? m 0 5. up 1.475 cent, from ^

******".: ,«-■ sStajsssM’-B .s's*2iSkk Tni rtST ^ SELmTOS'SS SSSSd ,#r iS

s«r S 1 “L k sr s , h ^ Sf ssssl. o! ** from 5,“e c /^d [ , soverelgn,y " over “SSJSrjrAisa,*" R “r^T PMa d ot ,f 56ba

vehicles, can save 15 per cent trade-weighted index was 90.1 p™ +h^ tmo ia mi fLu mu stm provoke bitter disagree- The “deficit reductions i

I«|>» in Mr francos pym, the foreign rose to 80.1 from 89.b. menis when the time comes for r A„..

to 20 per cent on petrol and toll IS9.6). Page 40

costs. Page 7 e DOLLAR fell to DM 2.3095 disturbed' at Argentine intransi-

(DM 2.3175), FFr 6.0325 gen<» ” and that tire latest pro-
Dliare tor wales (pp- r ■e.Oo^S) SwFr lJW P 06315 put to Buenos Aires

Watfes can son expect to start (S«Fr 1.9575} and Y23S^5

to share in th’c increasingly (Y2 33.85). . its trade-weighted ^taking effect from 5 P™
apparent improvvmeirt in the mdex was II2.2 Page ^

. ... fc%SS2^-«&12SSSSf “

said, rage *- a tnw ««

Secretaiy, said he was “ deeply

• GOLD fell £0.25 to close in-
London at -¥3^25. In New
York the Comes May dose was

the Commons' this morning.

20 of Sheffield’s crew presumed dead

A total of 20 officers and men serving on HMS
Sheffield were missing, presumed dead, the Ministry
of Defence announced last night There was one
serious injury among the 24 crewmen hurt when the
destroyer was attacked.

nrr»fit menls when the comes for described yesterday as “totally
The pound appeared to profit ckmficalion.

from the cut in interest rates in

unfair" by former Vice-Presi-

The key elements of the plan dent Walter Mondale, a leading

Democratic

r- . . • * — — — i ut: 1 1 1 ii ai ici uiuuuiur, it icauius

irt=T 2F e i. . . Centrist in the Democratic

to DM 4.2050 from DM 4.187o. 9 Savings of $40bn over three Party

SlL JS 8 "" 1 ^ 6 years on u Mci fZ security pen- M r '“Tip" O’Neill- the Speaker
T^fnriP^h-jnieq sioils through m^peafied 0 f the House of Representatives,

^riS d b wh?l reforms. Options wotdd include said the plan includes “the

VSLSFSU *1 miirii.ISSi an 01 sooiaI security major defects of Reasanomics."

generally came as little surprise payroll taxes -or a cut in. j* s ijjj prorided for “wal*

~ hw.ri. '■* - r- It still provided for “wal-

— the D-Mark made further De nefits, but the cost of living loping” increases in defence

JJJfU-i ?t 0l rvMr oirSl increase due in July will not be spending, cuts in social security

Damages award y 0 ?£ the cnS^Miy c

TV producer Desmond- Wilcox S382.5 (5337). Page 40

was awarded £14,000 libel _ _ .

damages . against Private Eye. ® MONETARY EXPERTS in
The High Court also ordered the the New York-based Group of

lm in public sector awarded 6%

dosed in London at DM 2.2095 I affected,
against DM 2.3175. I • xnci

r»M O 717K ^ and maintained unfair tax pro-

against DM 2.3175. e Increases of $9nbn in posa ] s . he said.

The mam tnfluence on the revenue over three years. No In an unusual display of party
markets apart from the Falk- new taxes are specified, but ^ity. a l] nine Democrats on
lands dispute was the com- some senators have said that the t he Senate Budget Committee
promise agreement over the money could only be raised by opposed thc plan when it was
American budget, which should repealing the 1983 tax cut put to the vote.

magazine lo pay costs, estimated Thirty called for U.S. inlerven-
at £80,000. - tion in currency markets to help

BY JOHN ILOYO, LABOUR EDITOR

new taxes are specified, but unity. a li nine Democrats on
some senators have said that the the Senate Budget Committee

Ulster blasts

tion in currency markets to help THE GOVERNMENT yesterday and stiffen their resolve to fight The British Medical Associa- American budget, which should repealing the 1983 tax cut

control dollar si#ings. Back Page announced it would pay the current industrial action to tion has protested at the award, pave the way for an easing of which President Reagan regards

increases of about 6 per cent the end.” saying the Government refused interest rates in the U.S. and as the cornerstone of his

P BUNDESBANK dropped the to nearly lm public sector The decisions, announced in to restore a 3 percentage point around the world. economic programme.

A bomb on a hijacked pevol- v special ” Lombard interest J workers, all but ending its thc Commons yesterday by the cul made in its award last year. The relative firmness of ster-

tanker exploded near a SUrabano rate introduced to defend the hopes of containing a substan- Prime Minister, were:

security checkpoint. An Ulster D-mark in February 1981. Back tial section of its own workers # to accept the awa

policeman was slightiF injured Page to rises of 4 per cent. Civil ’ Service ' A

economic programme.

• Cuts of &22bn in the military

Group of Thirty urges dollar-
intervention. Back Page

It said: “ The professions are ling has come in spite of the budget proposed by tbe Presi- * jn New York

in a bomb attack oh his Co
Down home.

Page to rises of 4 per cent. Civil ’Service Arbitration £o0m in addition to that wmen

• • , ? , The decision has angered Tribunal for increases to 500,000 was withheld last year.”

P COURT hearing a claim by doctors and dentists — whose pay white collar civil servants rang- Mrs Thatcher said in a written

20 international airlines over review board recommends a ing from 4.75 per cent ti.25 per answer ta lbe Commons that the

landing . charges^ at Heathrow 9 per cen . t increase— and infuri- cent, an average rise of 5.9 per ‘cost of implementing the

ordered the Trade Department at £ d ather health service cent, at a cost of £245m; Government s proposals would

to produce 260 government workers. A Tn . be met in part within existing

papers on British Airports **■ . ® accept the report of the caS b ihnits. in part from the

Authority policy. Back Page Only one group— the non- armed forres pay review body contingency reserve.”

medical staff in the National to pay 340,000 service men and ga-xiey Heyhoe, a treasury

© LLOYD'S is inquiring into Health Service— still face a women increases averaging 6.1 minister, said the extra cost of

# To accept the award of the being asked to forego about loss of HMS Sheffield announced dent. The savings would
Civil Service Arbitration £50m | n addition to that which on Tuesday evening and the amount to S5bn in 1983, $7bn

' international airlines over review board recommends a ing from 4.75 per cent 1

‘Moonies’ ruling: landing - eparges - at .Heathrow 9 per cent increase— and infuri- cent, an average rise of

T r -c k - r ordered the Trade Department ated other health service cent, at a cost of £245m;

The Unification Church oF Rev to produce 260 government workers. A Tn rnnnr

Sun Myung Moon was ruled -to papers on British Airports .. SLSh S2*

be a religious organisation for Authority policy. Back Page Only group— the non- armed forces pay rev it

tax purposes by New York medical staff in the National to pay 340,000 service *

State’s appeal court. - Q LLOYD'S is inquiring into Health Service— still face a women increases avera;

continuing diplomatic impasse in 1984 and 510bn in 1985.
between Britain and Argentina. • A freere of most other

Mrs Thatcher said in a written between Britain and Argentina,
isiver la tbe Commons that the Continued on Back Page

msi of implementing the Money Markets, Page 40 .
ivernment’s proposals would Bundesbank ends “special”

! met in part within existing Lombard Rate, Back Page

public-spending programmes for
three years, and a one-year
freeze on military and civil
service pay and pensions.

Spot I S 1.0055-807 5 $1.8030-8050
1 month 1 0.3441.57 pm 0.38-0.40 pm
5 months. 0.77-0.80 pm 0.77-0.79 pm
12 monthsl g.15-2.25 pm 2.20-2.3Q pm

renewal

InunEiric - - insurance for the Australian

invaiiab aia , r - ^ rlme .Q ua mas fotiowing

More state spending an people allegations of “certain Mr Albert Spanswick, general review body for increases Government's 4 per cent offer —
prepared to look after disabled irregularities.” Page 12 secretary of the Confederation averaging, in effect, 9 per cent, would he ipet largely by

and elderly relatives at home llllL . 0 f Health Service Employees, and instead to increase pay for accelera led staff cuts and other

was called tor by the Equal ® u-b. wants a prearrange ggjd ^ a ^ t that » the offer to the 80,000 doctors and dentists economies.

Opportunities Lomnussion. Page quota ^^resmet credit ^offers doctors M make them furious by 6 per cent. DctalLs Page 10 |

Back Page — — — '

Row as THF seeks Savoy board seat

broadcasting' warnings about 'a effect* of planned -c-ca, iegisia- w

aviation J 4 per ceni offer. There are no per cent:

insurance for the Australian signs of a softening of the
airline Quantas following Government line.

meeting the 5.9 per cent award

• To reject a recommendation To civil servants — up £75m
from the doctors and dentists from the £170m cost of the

secretary

bottle of strychnine stolen from tion

a chemist's.

Agmhia uirtnrv ‘ ® BMW, the West German car

uamoia Victory mak6r> a seeking DM 160m

Gambia's President Sir pav/da (£agm) from shareholders in its
Jawara was ire-Hcclcd by a big rights issue for four years,
majority. His People’s l J rogjv-»- Page 35
sivc Party kept control of the

House of Representatives, win- 9 BRITISH SUGAR forecast
ning 27 of 35 elected seats. • taxable profits of about £60m

SSS Row as THF seeks Savoy board seat

nationals” Back-Page BY 1°™* C,TY CORRESPONDENT

A 4U ... „ _ ^ TRUSTHOUSE FORTE, the increase in the maximum that we should have one director

a BMW, the West Gennan car- world » s } aC gest hotel, catering number of Savoy directors from out or 12, said Trustbouse
maker, is seeking DM lfiUm and , eisure is attempt- 11 to 12 and thc appointment Notification of its proposed

(£J8m) from shareholders in its iQg tQ j ace its vice-chairman of Trustlinuso Forte’s vice- resolutions went to the Savoy,
first rights issue for four years. c fji e f executive. Mr Eric chairman and chief executive board a fortnight ago. A Savoy

nationals. Back Page

Hartwell, on the board of the to the board.

spokesman dismissed thc move

BRITISH SUGAR forecast Sa ^ Botel e ^ pire - , ,
nrnfits of about £60m The move has sparked

Thc Savoy directors, who yesterday. “ Would you have a
control more than 50 per cent piranha in the hath with you ?

.---r , - - ■ — , , _ CRArr, TUp move nas spartreu a rauuia mure umu ou uu win r** ■• **-‘* - -

ning 27 of ud elected seats. vear ^ti taxable major row between Savoy and of the voles, are opposing the If you had a predator who was

„ __ weeS to Trusthouse Forte, its biggest moves ami say they will be keen to take you over would you

Briefly... 2sUre £31m TflfUm) shareholder, which mounted an asking sbarehoLders to vote ask Jem to have a seat cm the

Beethoven'S ninth symphony m Lex ^ck P^ei unsuccessful £67m bid for the against the resolutions board? Wc wiH certainly be ask-

J! u !;™ Vi Mni the oenulti- . Zb, Lex jmck rage, . Trusthouse argues that be- ing shareholders to vote ^gainst

mate Promenade concert after Director resigns. Page 9 Trusthouse Forte have put cause the Savoy is already these resolutions.”

42 years renlaced by his Missa p ROYAL BANK of Scotland forward two resolutions to be technically a ^'subsidiary the The report by the directors of
SolSSis. ' -Group report unchanged pre-tax considered by Savoy share- group should have board repre- the Sayoy says that Sir Hugh

• n rni(Ci of £43m fnr the six holders at their annual general scntatxon. Wontner, the group chmrmau,*

Sr months sS 3L 30, meeting later this month. The “ We do own over 65 per cent will be retiring from that office

Canada from July 5-19 »>r monuu -s resolutions, disclosed m the of the shares, so simriy.it is next year. In thc meantime he

HOW BE ADY
IS YOUR
READY-MADE
FACTORY?

. You know the set-up. No heat. No power. No offices. Sign
tomorrow then three months before you can move in. Make the
best of it. Look for your blessings and then try to count them.

official engagements. r.es Savoy report and accounts pub- only equitable and in . the is • offering himself for re-

Foxhunting on its farmland was p ^DS GROUP, the multiple jisbed yesterday, call for an interests of all shareholders election at the annual meeting,
banned by Snath Glamorgan sN)res t-huin. reported pre-tax

... .-*11- cf £1 'i TAm /riR93m\ - - - AAUTV-lkITe

Lex Back Page

,.n ~

county, council.

profits of.fl3.74m f£16.24m)

Greece was shaken by earth for the ywr lo -ftnuary 30

CONTENTS

tremors.

Page 20, Lex Back Page

CHIEF PRICE CHANGES YESTERDAY

(Prices in pence unless otherwise indicated)

RISES

Exchqr 13? pc , S7:..£975 + |
Treas-lljpc J 03*07...©li + II
AGB ResSich ... ^0 +

RAT Xnds JS t P

Beechaih — ]J“ ®

Brent Walker M °

Bnl Aerospace ...- 206 + J

Brit Sugar 500 + 10

Commerdaf Union 131 + 5

Euxotherm 405 -K 18

Ferranti • ....: 700 + ^

General Accident..-. 294 + 4

GEC /- S72 + W

Glaxo ® J J

Hambros J 1

Hay (Norman), — 48 + 6

Lloytis Bank ± fi

Mross Bros — 165 J 15

Ftarson Longman... 346 + ii
p and .O Dfd 131. + S

Pilkinglon 248 + 11

Plessey 405 +’ W

Racal Electronics... 405 + 10
Stud Chartered ... 675 + 40

Utd Scientific 858 + IS

Coitus Paci&c ...... 18$ + 3

Malaysia Mining ... 82 + 6
Western Mining ... 232 + 7

York Res 21 + 3

FALLS

MY Dart 24 ^ 3*

Mngt Agency Music 99 — »

Raybeck 38 3

Royal Bk Scotland 102 — 4

UDS Group 56 — l»

East Rand Props... 398 - IS

Grootvlei 329 25

Simmer and Jacks... 100 10

Transvaal Cns Ld— ^20 1

UC Investments ... 420 «

Synthetic fuels: the oil shock no-one

foresaw 24

Politics today: it’s still only Act

Three 25

Technology: Rolls Royce man and his

engines * 13

Property column: Manhattan scheme
under way 13

Commercial law: nd summary judgment

if defence possible 21

Management: unveiling of plan* for

EEC worker participation 22-

Editorial comment:- a meeting of two
Africas ; Britain's ports ... 24

Lombard: David Marsh on war images

v real life 25

Survey: Scottish property 15-17

American News — B

Appointments

Arts ^

Bonk Retuin ...... s

BMP Rptw - M

ConvnoditMB 33

Coaipeities UK

28-3, 30-32

Crossword — 33

Enterlstn. GuWo ... "

Euramwfcets... i " ,

European News ... 3

Euro Opt* 3Z

FT Actuaries 3?

Foreign Enchengeo W •

Gold Msriutta 33

Inti, Companies ... 34-37 Suck Markets:

Leader Page 24 London 39

Letters - 2S Wall Street 38

Lax 44 Bourses 38

Lombard 2S Technology 13

London Opts. . — 3Z UK News;

Management 22 Gonorol 7*9

Men and Matters... .24 Labour 10

Mining 32 TV and Radio ... 21

Money Markets ... 40 Unit Trusts:

Overseas 3 Authorised 40

Parliament 12 Others 41

property 18 Weather 44

Property Adv 18-21 World Trad* d

Edna 21 INTERIM STATEMENTS

Share Information 42. 43 British Sugar 27

For Iciest Share Index phone 01-246 8026

J. A. Osvenish ... 28

Kwik Save 28

Bank or Scotland 28

Transvaal Com. ... 30

ANNUAL STATEMENTS
Brit. Petroleum ... S

Clerical Med. ...... 10

Khali] Comm. Bk. 6

Tigor Oats . . ..... 30

V/atoriard Gian ... 30

Jocoa 27

Gerrard & Nat. ... 26

PHOSPECn/S AD.

Mid South Water 32

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2

EUROPEAN NEWS

. Financial Times Friday May. 7 1982

tr -

Christian Democrat
vote could bring

Italian election

early

BY RUPERT CORNWELL IN ROME

THE ELECTION of Sig Ciriaco
de Mita as the new secretary of
Italy's Christian Democrats ha s
done nothing to improve the
stability- either of his own party
or of the coalition Government,
of which it is the most Important
member.

Sig de Mita was elected
early yesterday by the direct
vote of the Christian Democrat
congress. But his winning
margin over Sig Araaldo For-
Jani, his only rival, was signifi-
cantly smaller than expected.
This means there will be wider
opposition within the party to
the tougher line with the
Socialist Party that Sig de Mita
is expected to adopt.

To that extent, therefore,
hopes that the congress would
forge a strong unity* behind a
new leader are likely to be in
vain. The repercussions for the
already battered five-party Gov-
ernment. headed by Sig Gio-
vanni Spadolini, may not be long
delayed.

The 54-year-old Sig de Mita,
previously deputy secretary of
the party and several times a
government minister, comes
from the Christian Democrat
Left, keen on greater co-opera-
tion with the opposition Com-
munists. His power base is the
city of Avellino, some 30 miles
inland from Naples.

It is almost 13 years since he

attracted wide public notice
with the then revolutionary pro-
posal for a “constitutional pact”
between the Christian Demo-
crats and the Communists. But
the Socalist Parly has not for-
gotten and remains deeply
suspicious of his intents.

During his acceptance speech,
Sig de Mita insisted that there
was no choice for the moment
other than the five-party coali-
tion of Republicans, Christian
Democrats, Socialists, Social
Democrats and Liberals.

His declaration that the
Christian Democrats, however
buffeted by scandal and recent
electoral setbacks, were not “up
for sale,” was an open warning
to the Socialists that Italy’s
largest parly was not prepared
to tolerate the provocations tha
have lately brought the Spado-
lini administration to the brink
of collapse.

This uncompromising stance
could make it even more diffi-
cult for the two parties to work
together in Government. It is
already certain that the five
partners will be meeting shortly
to consider the future of the
10-month-old administration.
Many observers consider that
Sig de Mita’s election has in-
creased the chances of an early
general election this autumn, or
next spring, at the latest.

Ten

m

BY JONATHAN CARR IN BONN

THE FIRST 10 days of June
could be crucial for the future
of Chancellor Helmut Schmidt
and bis-strained West German
coalition Government.

Most attention has focused
so far on the important state
election in Hesse in the
autumn as the best guide to
whether the left-liberal alli-
ance in Bonn can. stick
together. Bat political analysts
here now believe that' events
in early June may go far to
decide the Government's fate.

For one thing, Herr

Sehmidfs Social Democrat
Party (SPD), which has been
slumping badly in opinion
polls, faces an election in
the Chancellor's own city of
Hamburg on June 6. For
another, Herr Schmidt will
be ranch .in -the limelight both
at the Western economic
summit conference in Ver-
sailles, just before the
Hamburg polling, and at the
Nato summit in. Bonn on
June 9 and 30.

A passable result for the
SPD in Hamburg and a good
showing by the Chancellor at

both international gatherings
would strengthen- it is_sig--..
gested, Herr Schmidt’s per-
sonal' position and stabilise
the Bonn coalition;

Specifically, it would help
stem criticism of Herr
Schmidt from the left-wing of
the SPD and make it harder
for the Free Democrat Party
(FDP), the junior coalition
partner, to break away from
the alliance. The FDP,
worried about losing voter
appeal because of its attach-
ment to an nnattractivc
partner, has long been toying

with the idea of a break. But
it . also fears for its public
credibility if it tries to switch
allies. This fear. It Is argued,
would be greater still if the
Chancellor’s prestige grows.

On the other hand, a Ham-
burg defeat for the SPD,
which gained 5L5 per cent of
the vote at the last election
there in 1978, would be seen
as a serious blow to Herr
Schmidt on his home ground.

His position would be
weakened further if the
* peace demonstrations ”
already announced for Bonn

during the Nato. summit
either turn to violence or
simply- capture more atten-
tion than: the meeting itself.

Clearly aware of the risks,
the Chancellor is throwing
himself', strongly into the
Hamburg election campaign

over Hie next lew -weeks. He
is also pressing for a Nato
communique stressing both
“military preparedness and
detente" as twin .pUlars of
the Atlantic alliance, a stand
with which few in either
coalition party will be able to
quarrel.

Bundesbank eases its tight monetary reins

BY STEWART FLEMING. IN FRANKFURT

“WE DO not want to find our-
selves in a Japanese situation ”
was how one top German official
described part of the longer
term thinking behind yester-
day’s decision by the Bundes-
bank, the West German. Central
Bank. After 15 months, the
Central Bank abandoned - the
“ special Lombard " system
through which it has steered
short-term German interest
rates during the economic crisis
of the past year.

Behind the remark lay the
recognition that, with the
Federal ' Republic - facing the
need to justify a trade surplus
this year of around DM 50bn
to industrial partners, it w child
be wise for the Central Bank
not to appear to be pursuing
an “ excessively restrictive ”
monetary policy. To dp so would

be to invite the criticism, most measures aimed at lowering
immediately at the forthcoming German interest rates, the Mark
world economic summit y» -Ver- - was continuing its three-week-

sailles. that Germany is doing
too little to help pull the inter-
national economy out of reces-
sion and to spread the burden
of trade unbalances more
equally, now that it has made
such progress in easing its own
external economic problems.

It is' perhaps a measure of
the progress that has been made,
since the crisis of confidence
which threatened to swamp the
German currency on the foreign
exchanges at the beginning of
last year, that such political
considerations can play even a
small part in the Bundesbank's
monetary policy decision-making
today. Another sign is -that
even .as the German Central
Bank was announcing new

old rally on the foreign ex-
changes. It was fixed against
changes.

.The recent performance of
the D-Mark .. provides some
evidence that, since the low
point of DM 2.57 against the
dollar last August, the German
authorities have been, able to
achieve a considerable measure
of 44 de-coupling ’’ of the German
currency from the dollar and
dollar interest rates. . .Growing
scepticism • about “Reagan-
omics” has something to., do
with that success. Bundesbank
officials remain uncertain about
just how big an interest rate
spread between D-Mark and
dollar rates can be achieved

without adverse " reactions for interest rate at which the
the D-Mark, however. This is Bundesbank provides 1 short-
ly one reason why. the German term funds to the banks. ;In

February of last year,'; to
counter the threat to the Uer-

Central Bank is treading warily.

-But the sensitivity with which
the Bundesbank,, since it cut
its special Lombard -rate from
12 per cent to 11 . per cent in
October, has nursed the mar-
kets through tins phase of fall-
ing interest rates has been a
four de force of its bankers’
skills. By not pushing either
the domestic money markets or
the foreign exchanges, too far
too fast, it has helped' to re-
store confidence in the German
currency. At the same time, it
has done enough to prevent
domestic critics of its monetary
policy of high interest rates
getting the upper hand.

• - -The Lombard rate is an

Thanks to the recent budget, civil Officer and ttc Accountant ba\ T e been receivingihe

enjoy an index-linkedpcnsion.

Toucan, too*

Theintroduction of thenewindex-
lihked government stock means that
Taigetlifecangua^teeA^
happens to infktion,your pension will
retain its original buying powen
Target are thefirstcompanyto
provide index-linkedpensions for the -
self- employed and those who don’t get
apensionfirom their company.

We did so in response to the facts.
ThefirstfectisweUlmown,
inflation.

Thesecondislessvvdlknown,and
that^s thefectthatyou’relikdy to live
for fifteen ortwentyyears afieryouVe
retired.

following table illustrates the purchasing power of
thefr relative total income. .

. 1971 .

' 1981

\ .. r IOCALGOV0*8£NT

LOCALGQVT

ACCOUNTANT

OfflCfB&ACCOUflANT

OFFICER

Income

■ Pension . .

■ £Z0GO

. £7347

£2POO

Old Age Parian

£ 604 .

£2^20

£2220

Total

£2504 .

£9.567

£4220

less Income Tax

£ 753

417.2? 1-

■ £ 397 .

Net Disposable tacome

£1,751

£7,346

Expenses:

ffausng (derates, wafer
rates, repairs 4 decorate)

£ 270

£1,100

£1,100 .

OedTOtv&Gas

£ 1Q0

£ 450

£ 400

Ombie goods

£ 110

£ 400

£ 200

CtotfmgHtousetaWltens

£ 100

£ 350

£ 150

RwdSDnnk

£ 590

£2,400

£1,950

. £ntstaifHTiert{lncgoff
stos&ho&Uys)

. £ 100

£ 400-

_

Telephone

£ 50

£ 200

—

AfcoW&Tobacco

£ 70

£ 250

—*

C-ac running costs

£ 340

£1£00

—

Bus&Tramferes

£ 10

£ 50

£ 150

*1,740 ...

£7,100

£3,950

Savings (Bar owing)

£ U .

£ 226

(£123

Total Expenses

. £1,751 .

£7,326

£3,823

PERFORMANCE.

■ To build ui

money in any off
Gilt Pension Fond will match inflatibn but to showa
real retumyoum'ay preferto putyour money in the ■
Target Managed Pension Fund- the best pttForming
Managed Pension Fund over the last five years.The
sort of performance you’d expect from J. Rothschild
& Company Limited.

•;y-J

m

Average Annual Return
Average Inflatibn Rate
Real Return on Fund

Net Real Return After all Charges

THETAX ADVANTAGES.

Asyou can see the Acaiuntanthashad to give
Dp many of the things he would have taken for

“ Theonly answer to theproblem is . ^ ^g^^bgaidepho^tak^a

an index-linkedpension.

THE LOCAL GOVERNMENT OFFICER.

Civil servants have enjoyed an inflation-proof
pensionforsomeyears.Thevalueofhayingapension
linked to thelLPXcaabeseen bvlookingataLocal
Government Officerwho retired in jpyr at age 65 on a
pension of £2,000 per annum.

INFLATION IN THE So^ AND 90 's.
Qverthelasttwelvemonrhs inflationhasbeen
xo-4%. ...

Overthelasttenycarsithas averaged more
than33%. ^ ■

Predictfogfiitureinflafion

■What seems certain is that infiationis here to

The three major advantages are;

1. Contri butfons may be deducted from your
taxable income or fromyour company's profits.

2. All investment gains,interest and dividends
are accumulated within thepensionfundiree frontall
taxes.

3. On retirement alarge tax-free lump sum may
be taken from the fund.

’. Whats more, your pension is free offovestment:

Income Surcharge and Capital Transfer Tax.

Oi’erthepasttenyearshispenskjnlias grown stay and inflation rates will continue to fluctuate

mmoncy terms to £7347pa.

A Local Government Office^ Inflation Proof Pension

£5564

£7347
£6565n£3r

£4530

£49071 rj-?:

£2339

£2713!

£3570

£3926 :

■e - -I * '

-i

...

* -

2971 1972 1973 1974 J97S 1976 1977 1978 1979 1960 1981

in response to successive govemments’economic
policies. > . . ’ . v: . -

HOWTO ENSURE AN ^
INDEX-LINKED PENSION.

- Inevitably the cost of providing a future index-

securing a woJtfir^eimmiaitiGcoiiie-- an income
thatisM^onproof—^

APENSION WHH AFUrtJKE.

Unless inflation miraculously disappears, the
only pension worth having will be index-linked. -
Wemav be the first company to offerindex-
Jinked pensions but we certainly w 7 on't be the last.

. After all, the Governments been proriding
them for state employees for many years.

Now, you can have one too.

Fill in the coupon below and we’ll sendyou all
thefacts about index-finked pensions for the private
-sectocOr ring -Aylesbury (0296) 594?-

TTTTCArrnmmwr • R>rthesdf-employcd,\ l 'hopiylessin .

. — . • . Nafiobdlfcsurance Contributions, the message is

. The sitmnon of a retired accountant in the ■ clear— the sooner you. start thebetter The longer you

privatesector is, however; quite different. Iekveilthe hardenvill befhe drop whenyounnally

. He started out iniprrwith the samej&poopa. cometoi^eiTaNellefrtowsyouiiiepercenEage
pension but^wimout 3 ndexanon, his income in reaL
terms has been eroded to amere £54-4-pa.

Tfielaget Life Index Liked Pennon Ran fas faesnma«fewss3fea5a're$ift
cf the index-tinted gift-edged stocks raw issued by the GwemmentThe perrioncan oribr
be^arait^tobeindex-yffidwt^nar^cantfTve^in.onerfttTesetiKte.

At present these stocks provide ndex-rmkingfor 28 years uptothe year 2(80.
further increases wfi depart on whethsfititoaoikslavebeaniss^and
Urn teems ctifsss stadia

. .. . AtitoghroguaraitecanbegivHTMlrtlaJ^

wBconfimjeto be increased n fas v^suitateinvestmenteava^altteti^

Please Id mehavenitherdetaferftteTaisS^

1

yrocaricapecfcX .’

i

Name

Comparison of Index-Linked and levef Pwisiocsln real terms

£2000

|El7Ui'.

1 ; 'SW&rtl .rl*-'*-? «w*Unfted

:

£1474

Inflation Gap

. ; -y,

£1147

£101*

em

ImpA 1

£•09

0*4

£544
PNa»SKiar|
iwrfPmtool

^•q>aa<uatiBafi7jSK«fiwMiesr

AGE AT
Enner
35
40
,45
-50
' 55 ■

RETIREMENT AGE
60 65 70

38% 575S 84?S

28% 44% 67%

20% 33% 52%

12% 23% 39%

6% 14% 27%

NOFfiwL-SAUirr

taMMUlHiniM otZSfc UMHppviol

•at urti to mnn i tn im.-

■g BagBEMgWRSfBBKWg

■wa

AGE AT REmOEfTTAGE

ENTRY 60 65 70 75

35 23% 15% 10% 7%

40 31% 19% 13% 9%

45 44% 26% 17% 11%

50 70% 38% 22% 14%

55 349% 60% 32% 19%

Y**-.

inoww^bi

I

Addres

1

BuaoessTgephoreNo.

I

I lapstif-enplpyed Q a^g«pany(fae^iio^ p~j j

Ther^andaddresstimyirHjrWbnkercrpen^advfeor(5app6c^is:
Name ' ■

I. Address

I

Serfta'Departmetf fieepastfyiestux

Bucks l«93l(A.‘fetylestury (0295) 594L-

7ABLEI

TABLES

1971 1972 1973 1974 2975 1976 1977 1978 0379 1990 19SI

In addition to the_
s^specriveeD^foymeot-boththe^^ . frnaisalary?

For executors and directors its worth looking
at it the otherwayround (tabk II). Hownmch do 3 T ou j

have to put into get apension ofiifiy percent ofyour |

A subsidiary of

J. ~Rnibsc3ii1d &Compaty limited.

tlcaHW*igQ»9agmjja

'man economy posed by Ger-
many’s world record 1980
DM 30bn current account defi-
cit, rising inflation ' and a
plunging mark, the the Bundes-
bank overnight, introduced- a
*' special ” : Lombard system’ at f
22 per cent. This was fully
three percentage points ingher
than- the 9 per cent level then
Prevailing.

Central Bankers are great
ones for symbolism. Zf the
foreign exchange markets see in
this step an expression of in-
creased confidence in -the eco-
nomic outlook by the German
authorities and, particularly, if
domestic businessmen draw the
same conclusion and . begin to
take a closer look at revising
upward their investment plans,
then so much the better in the
Bundesbank’s eyes.

The German economy has had
to pay a high price over the past
18 months in order now to be
at the point-at which economists
are confidently predicting a
balanced - current account in
1982 and 4 per cent inflation by
the end of the year. Unemploy-
ment nearly readied 2m at the
beginning of the year ' (more
than double the 1980 level) and
the domestic economy is locked
deep in recession, with much-
needed ■ capital investment
spending heading for. a 5 per
cent drop this year. ■ -

The weak economy, and the
need to hold domestic critics
at bay by keeping the process
of monetary relaxation moving,
provide part of 4&e explanation
for the Central Bank's moves.
Lower German interest rates
may also help to ease short-
term tensions within ‘ the Euro-
pean Monetary * system.- The
Central Bank; . probably “• also
wants to ensure that the Ger-
man currency does not rise top
strongly in the coming months-
offsetting some of the advan-
tages won by Gennf n exporters
just as export growth in a num-
ber. of . markets — Opec. in par-
ticular — is showing signs of
slowing.

The fact that the Lombard
cut was held to one half a per-
centage point Indicates however
that the Bundesbank is still fol-
lowing what was described yes-
terday as a “cautious but not
timid’’ policy of monetary
relaxation. . With corporations
still paying 12.5 per cent for
Short-term loans (compared
with 14-15 per cent late last
year), and consumers paying
over 14 per cent (against a peak
last year Of 17 per cent and
more) the Bundesbank cannot
be accused of following an
“easy money policy.” Com-
panies are still facing “real"
interest rates of 7 per cent.

Provided . that the domestic
economy does begin to revive
as expected in the second half
of the year, or early in 1983, the
Bundesbank must feel . that
there is nothing much to be
gained from a more expansive
monetary policy.

given little
chance
of success

By Christopher Bobinski in
. Warsaw .

POLAND'S military regime has
"been told its policies have little
chance of success. The warning
comes . .. in "a report . by
“Experience and the Future,”
a group of prominent

economists, sociologists and
journalists set up in the late
1970s.

It sees- events in , Poland
developing in three possible
ways. The one it beilieves Gen
Wojdech Jaruzefeki favours
most is to tty to. reimpose near-
total control over the population
.and hope that economic reforms
will improve conditions suffi-
ciently to defuse discontent
. This includes an effort ip
reduce repression to a minimum
and ' seek support from the
population. The report, how-
. ever, thinks the public is
unlik ely to-be taken in by thus
approach.

- Another policy, wMch the
group says is -supported by a
significant section of ' the
establishment and probably by
Moscow, is to “eliminate from
public life people and institu-
tions which are a threat to the
authorities n and to “aim at
centralising decision-making hi
ati possible fields.”

. The report warns that a lack
of imagination and fear of tiie
population Is' likely to incline
the authorities to follow this
policy. - This variant contains
the least risks and does not
require any . political experi-
mentation. The only risk is that
of total confrontation," it says.

A third alternative, urged by
the . group itself, demands
changes In the political system
which would lead to co-operation
between rulers and ruled and
give the people, induding the
trade unions, more rights, while
containing guarantees for the
authorities. Such a course is
only likely to be pursued, it
admits, if ihere is a fundamental
change in the way the
Government sees its role.

Danish construction

The Danish building industry
suffered a serious setback last
year, writes Hilary Barnes in
Copenhagen. The area of build-
ing completed fell 33 per cent
from 10.3m to 7m sq metres,
finished houses were down by
36 per cent and business con-
struction by 35 per cent

Nimrods for Nato

Britain has formally integrated
11 RAF Nimrod aircraft into
Nato’s ^ fleet of flying radar
stations, -the Supreme Head-
quarters of the Allied Powers
in : Europe said yesterday,
Reuter reports from Brussels.
They will form part of an air-
borne early warning, force
against attack. Twelve other
Nato countries are taking part

Waldheim injured

Dr Kurt "Waldheim, the former
United Nations secretary-
general, was . injured in a
street accident in Vienna yes-
terday, AP reports. Doctors
said he suffered concussion and
bruises.

Explosion in Oslo

Several thousand ' flats and
houses were damaged in Oslo
yesterday when a container
holding about 1.3 tons of
dynamite exploded early
yesterday, AP reports. No one
was seriously hurt although
hundreds- of people fled in
panic into the streets.

Torpedo goes off

The Torpedo Vladimir team
has been expelled from the
Soviet soccer league for
violating “moral-ethical norms
of behaviour and showing short-
comings in political work,”
Reuter reports from Moscow.

Moscow forces its partners
to face reality on energy

BY DAVH> BUCHAN, EAST EUROPE CORRESPONDENT
EASTERN EUROPE, generally to make a sharp adjustment
poor in energy resources and This . is accentuated by the
inefficient in their use, has "Comecon formula which bases
become the Soviet Union's big- Soviet oil prices on a five-year
gest energy problem an the moving average of world prices.
1980s and can no longer count Thus, the 1979-80 world price
on the cushion of Soviet support .rises are catching up with a
which it enjoyed In the past vengeance bn East European

decade.

This is the conclusion of a
study by Mr Jonathan Stern,
published this week by the
British Institutes' Joint Energy
Programme. It ' warns that
obtaining increased oil supplies
for its East European allies may
become an important factor in
Soviet foreign policy towards
oil producing countries. This,

countries and the cost of Soviet
oil to Comecon will go up -by
29 per cent this year, at a time
when countries like Poland can
least afford it

The East European energy
crisis is already evident Mr
Stem notes, from the cold build-
ings, unheated and unlit public
transport and restrictions on
private, use of petrol to be

;i i.

*ki;

in turn, should worry berth the .found in many of the region’s

Opec countries and those
Western nations whfcb depend
on Opec oil, Mr Stem says. ■
Faced with peaking oQ pro-
duction and a faltering domestic
economy, Che Soviet Union has
already begun to remove the
energy cushion from under its
partners. Overall . Soviet off
shipments to Comecon will not
increase up to 1985, . and some

cities. .Significant savings could
be made by importing more
fuel efficient capital equipment,
but few Comecon .countries
have the cash to do this in a
big way..

Commenting on the recent
transatlantic dispute over the
Soviet-West. European gas pipe-
line, Mr Stern says that buying
Siberian gas may present Wes-

r_

P.

V*.

East European couotries in'fact tern Europe with spme .security
are having to take a 10 per cent Of supply problems, but “these
cut. - are less acute than those of

To only a limited extent is available, alternatives. 51 'V'S'.. ''

Moscow apparently willing, to “ East European Energy ^*5^

offset these oil cuts with gas and East-Vest Trade in Energy
electric power suplies. Total
Soviet energy deliveries to East
Europe are erected to rise by
20 per cent in 1981-85, compared
to 43 per cent in 197&80.

Having been sheltered by the
Soviet Union from world

available from. Policy Studies
Institute and Chatham House,
£4.50.

daily

U.S.

FINANCIAL TIMES, published
_ flSHpr Sundays and ho Ways.

Qjj. aubscnption ratw 5395,00 par annum.

■5 to . the 1970s,

eastern Europe as now. having . omum< . - *

1:

Mr*

av \r

7

-i-..' =: *Vn£J*:

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Financial Times Friday May 7 1982

OVERSEAS NEWS

\®‘S v,.
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***. ^ ■ f t

'*• •*’- u ln V
*es ! '* t

underlines
support for
Suharto

By Richard Owper in Jakarta

THE OVERWHELMING
general election victory for.
Indonesia’s array -backed. **new
order " regime paves the . way
for General Suharto’s re*
election for a fourth term as
President when the nation’s
highest decision-making body,
the upper house, meets in a
year’s Um6 to elect a new
president ami vice-president.

President Suharto has
already made it dear that
he intends to stand again.
Both the powerful 300.000-
strong armed forces the
ruling Golkar Party have
already declared their sup-
port for his candidacy.

But how peaceful a process
this will be. however, remains
uncertain. On the surface at
least, the third landslide
victory in a row by the
Golkar Party this week firmly
underlined the country's
popular support for President
Suharto and his economic a"**
political policies.

With 90 per cent of the 82m
potential votes - " already
counted, Golkar seems set to
take at least 234 of the 364
contested seats, which along
with 96 presidential appoint*
ees go to make up the national
parliament (DPR).

Much win depend, however,
on whether the pubiie accepts
this result as reasonably fair..
There have already bora the
usual charges of fraud amt
vote-rigging by both the coun-
try's opposition parties-— the
Moslem United Development
Party (PPP) and the Cfcrist-
ian-Nationalist Party (PDI).

So long as the Government
is seen to investigate them
carefully and providing that
there is no public feeling that
people have been cheated of
their rights, these charges
could quickly fizzle out, leav-
ing President Subart o more
firmly in control than ever.

There is an outside chance,
though, that the protests may
gain political momentum, in
which case the year long run-
up to the Presidential election
could be fairly violent.

Surprise

Both the Government and
political observers were
caught by surprise at the
level of violence during the
general election, -

With many having expected
the Moslem PPP to emerge as
a clear winner in Jakarta,
some diplomats, at least, fear
that Golkar's surprising win
In the capital could presage
more violence in the next
year.

With a Targe and genera flv
underpaid industrial work-
force in Jakarta, the Govern-
ment has for some time been
seriously concerned at ' what
it sees as a deterioration in
industrial relations there. If
this were coupled with resent-
ment of the Government’s
political policies,' it could
prove dangerous.

The extent of resentment—
if any— at Golkar’s over-
whelming victory will become
clearer in coming weeks-

Opposltion parties were
allowed for the first time to
have witnesses at local poll-,
ing booths to watch the votes
being counted. They may find
it difficult, therefore, to prove
any allegations of widespread
vote-rigging or fraud.

It is clear that President
Suharto is virtually certain to
be re-clccted. And it . is the
DPR, together with an addi-
tional 460 members, mostly
appointed by the President or
his representatives, who will
make up the upper house
(MPR) which wil choose the
country’s new president next
year.

Hong Kong commuters queue to ride an affordable risk|

BY ROBERT COTTRELL IN HONG KONG

IF HONG KONG’S mass transit
railway corporation can manage
the schedules ' for its trains as
'efficiently as it can those for
its construction, passengers are
in for a smooth ride on the last-
expanding system.

On Monday morning, acting
Governor Sir Philip Haddon-
Cave opens the second leg of
the system, the Tsuen Wan ex-
tension. This 10.5 km line runs
from the north-west of the New
Territories down to Kowloon,
where it joins the "modified
initial system " Mis which con-
nects Kwun Tong in the south-
east New Territories to Central
District on Hong Kong island,
the Tsuen Wan . extension has
been completed six months
ahead of schedule, and within
the projected budget of
HKS4.1bn (£39Sm).

The new line will take the
•MTR pasL the milbon-a-day
passenger mark. It is expected
to attract an initial 400,000 pas-
sengers a day in its early stages,
trising lo twice that" level in the
longer-term. The MIS already
tarries 720,000. up from 562,000
at the start of Iasi year.

There is more to Lome. The
csland line, running along the
morth shore of Hong Kong
island, is due to open in 1985-S6
at a projected cost of just under
■HKSllbn. Civil engineering
work is already under way on
the L2J> KM line, with some
HKSSbii of contracts already
awarded. An extension of the
MIS beyond Kwun Tong to a
■potential new town at Junk
iBay is also being discussed with
(the Government.

The Mass Transit Railway

To travel may not mean to arrive

TRANSPORT CAUSES every-
thing but delight in Hong
Kong, as Mr Alan Scott,
Transport Secretary* told the
legislative council on Wed-
nesday while introducing a
swingeing package for car
owners. To howls of pain
from the local Automobile
Association. Mr Scott said he
wanted to triple annual
licence fees, double registra-
tion taxes, and raise duty on
light oils by 40 per cent,
Robert Cottrell writes.

The increases ore dramatic,
but if anything less so than
the arguments which Mr Scott
adduced in their favour. Hong
Kong has, he said, 217,000
private ears, 282 for every

kilometre of road— less than
12 feet per car.

By 1991, he continued, there
could be as many as 100,000

cars— “ making It necessary
to duplicate much of the exist*
ing urban road network . . .
double decking miles and
miles of existing roadway, and
the wholesale destruction of
private property.”

Could It get worse?
Apparently so. For even at to-
day's level of ownership, only
17 per cent of Houg Kong
households own or have the
use of a car. Compare that
with Britain’s 60 per cent
said Mr Scott, and the impli-
cations are “unthinkable."

Already, the Hong Kong
police issue a traffic conges-

tion warning only where
speeds have been reduced to
2 or 3 mph. In one week in
mid-March, such points of con-
gestion averaged 46 per day.

Better traffic management?
If the capacity of a given
stretch of road were in-
creased 10 per cent, Mr Scott
said that capacity would be
taken up by additional
vehicles In less than a year.

The growth rate of vehicles
has to be cut back to a man-
ageable 5 per cent per
annum, he said, against an
average 8.4 per cent over the
last decade. "I beg to move,”
he concluded, echoing the sen-
timents of his constituents
outside.

Corporation's equity backing
comes from the Government,
ibut it also derives a substan-
tial amount of funding by offer-
ing property developers a joint
■venture interest in sites over
the new stations on a tender
basis. The companies put up
She money for the properly
development, providing the
MTR with a station beneath,
and then split future develop-
ment profits with the MTR.C
on a negotiated basis.

Though the Hong Kong pro-
perty market is now sagging,
the MTRC says its conservative
estimate is that island tine
development partnerships will

yield profits equal to at least
40 per cent of the tine's con-
struction cost.

One property company. Hang
Lung Development, has won
itself a niche in Hong Kong
corporate history by leading
consortia which snapped up ail
nine island line developments
so far contracted. The commit-
ments of the consortia total over
HK$10bn, roughly equivalent to
the Hong Kong Government’s
capital spending in the last
financial year. Hang Lung's own
one-third share of the commit-
ments amounts to five times the
shareholders’ funds shown in its
balance sheet last autumn.

The sums are large from the
Government's point of view, too.
It gave the MTRC a further
HKS3.5bn equity injection last
year, mainly to prepay medium-
term debt, taking its equity stake
up to HK$4.7bn.

Mr John Rremridge, the
Financial Secretary, forecast in
his February budget that Gov-
ernment guarantees for MTR
debt would rise from HKS3.9bn
in March 1982 to HKS6.Sbn in
March. 1986. This compares
with Government fiscal reserves
at the beginning of the current
financial year totalling HKS
23bn.

It is hardly surprising that

Hong Kong took several long
deep breaths before deciding
on mass transit. The initial
recommendation came from a
general transport study in 1967,
followed by a more specific one
three years later. The MTRC
was set up in September 1975,
and the first section of the MIS
opened in 1979.

The MTR faced vigorous oppo-
sition in its theoretical stage
from Sir John Cowperthwaite,
Financial Secretary until 1971
and an arch free-marketeer.
The project also received and
survived uncommonly strong
criticism, in the legislative
Council when enabling legis-
lation was debated.

A .more- recent and still
simmering row concerns the
island line property develop-
ment projects. Local property
companies who competed at the
tendering stage are said to be
concerned by what they see as
unexpectedly favourable time-
tabling for Hang Lung to meet
its largo commitments.

In particular, the MTRC
appealed against the premiums
payable to the Government as
freeholder for the development
of two sites. The appeals re-
sulted in the premium payments
being delayed. In one case.
Cotton Tree House, the pre-
mium was reduced and the
result of the second appeal is
expected shortly. The MTRC,
meanwhile, has been at pains
to argue that its actions have
been procedurally correct and
conferred no unfair advantage
on Hang Lung.

The MTRC could have done
without this latest row, but its

recently-published annual report
paints a generally happy
picture. Thanks to the Govern-
ment equity injection ana a
load factor of over 70 per cent
on the MIS, MTRC chairman
Mr Norman Thompson reported
a cash surplus in recent months
on he MIS. afer aneeing cash
ougoings including loan ser-
vicing.

While Tsuen Wan loading
remains o be seen, Mr Thomp-
son says he is confident that
the two lines will be in "at
least a breakeven and probably
a profit position” in 19S4.

MTR journey times are swift,
and fares are relatively low.
The average weekday fare ■ at
the end of 1981 was just
HK$1.S6, despite an' average 2D
cent rise in May.

The 1981 MTRC accounts
show a HKS491m net loss,
marginally down from last
year's HKS5lMm. Debt profile
has also been carefully man-
aged with the aid of Govern-
ment, . equity and favourable
fixed-interest rate agreements
with export credit authorities in
France, Japan and the UK,
setting an 8* per cent interest
rate ceiling "on 40 per cent of
island line construction outlay.

For a non-interventionist
economy like Hong Kong, the
MTR has been an extraordinary
commitment. Its HK$10.2ba
net assets equal an investment
of HK?2 t OO0 from every mem-
ber of the population. But it
demonstrably meets a public
need, and with accumulated
losses of HKSlbn representing
just HKS200 per head, the risk
has so far been affordable.

Japanese oil refiners
at lowest capacity
for two decades

: BY CHARLES SMITH, PAR EAST EDITOR IN TOKYO

Lagos changes development bank stance

JAPAN’S OIL refining industry
operated at less than 60 per
cent of capacity last year for
the first time since the late
1950s. an industry association
revealed yesterday.

According to the Petroleum
Association of Japan, produo
tion in the first half of the fiscal
year (April to September 1981)
averaged 3.35m barrels per day
(b/d) or about 56 per cent of
the industry's capacity of 5.94m
b/d. In the second half of the
year. (October 1981 to April
1982), output recovered to
3J3m. b/d but the .average rate
-of- production for the year as
a whole, was still only 595 per
cent of capacity.

Japanese oil refining output
reached a peak in 1973, when
production averaged 4.4Sm
b/d- Production capacity, how-
ever continued to rise until
1976 when the present 5.94m
b/d was attained. .How to get
rid of surplus capacity is one

of the major headaches
plauging the industry, which
ranks among the outstanding
victims of “ structural reces-
sion” in Japan.

Hearings by the Ministry of
International Trade and Indus-
try on the future of oil refining
in Japan have produced the
idea that the odJ refiners should
scrap at least lm b/d of their
existing capacity by 1990. Capa-
city scrapping could well be
accompanied by mergers to
reduce what is. seen as "excess
competition” within, the in-
dustry.

However, complex relation-
ships between the 13 major- oil
wholesaling companies and no
fewer than 26 production com-
panies could make the process
of consolidating the industry
tricky.. Another problem is
what to do about Japan's 55,000
service stations— believed to be
about 25,000 more than actual
requirements.

fe Sri

President All Abdallah Saleh
of North Yemen (above) was
yesterday due to meet his
Soviet-backed counterpart.
President All Nasser Moham-
med of South Yemen as re-
ports emerged of new fighting
between North Yemeni troops
and South Yemeni-backed
guerrillas.

U.S. $40,000,000

Genossenschaftliche Zenfralbank
AktiengeseUschaft
Vienna

Floating Rate Notes Due 1989

Tn accordance with the provisions of the Notes, notice is
hereby given that for the three month Interest Period from
5th May, 1982 to. 5th August, 1982 the Now mil W
Rate nf 151% per annum- The relevant

imiSfSment Date will be 5th August, 1982 and the
Coupon Amount per U.S. $1,000 will be U.S. 538 -97,

Oedh Suisse First Boston limited .

AgentBanfc

CLOSING DOWN SALE

UP TO 50% REDUCTION TO CLEAR

0U r hua . «» -a-s - assr* Ruas

SALE. STARTS 8th MAY. 1982

£ MS" ”

Oriental Carpet Galleries

• (ESTABVSHBD 1367) ■■

13 New Bond Street; London W1 ^an

(opposite Aspreys) . —

Iran claims
further
war gains

By Our Foreign Staff

IRAN CLAIMED yesterday to
have gained more territory on
Wednesday in a further exten-
sion of its offensive launched
a week ago against Iraqi pos-
itions on its territory.

Tehran ' Radio said that
Iranian forces had made ground
in the Falkeh region, in the
northern sector of the 150-mile
front which was subjected to
exchanges last week.

The Iranian communique
seemed to concede that resist-
ance was substantial. It said
reinforcements were being
rushed to the areas recently
recaptured. Helicopters were
said to have been used — for
the first time in the conflict
now in its 20th month.

Earlier. Iraq said that an
Iranian aircraft had been shot
down over Khuzestan, the oil
producing province which is the
focal paint of the war.

Baghdad has admitted that
the Iranians have crossed the
Karun River in the crucial
battle for control of Khorram-
shahr. the Gulf port captured
by Iraq early jn the conflict.

MINISTRY OF THE INTERIOR
COMPANHIA DO
DESENVOLVIMENTO DO
VALE DE SAO FRANCISCO

CODEVASF

INTERNATIONAL BID
NOTICE No. 16/82
ANNOUNCEMENT

The Bidding' Division ot CODEVASF
announces to all intorested parties
that on May 17, 1S82, at 3.00 p.m.
(three o’clock}, at iis Auditorium
locator* on the 14th Iloor ol EdHitio
Central Brasilia. Soior . BencArio
None. Projecao 14, Brasilia ■ Dr,
it will recurve bids for tho fabrica-
tion, supply, transportation, includ-
ing loading and unloading, and
eWOrnbly supervision of mechanical
and el net rice I equipment for the
sprinkler system of the PA-1 Area
of the Moneangeno Project m the
States of Pernambuco and Bahia—
Brazil. ,

This hid ia opdrt M. national com-

panics and to foreign companies
established. In countries that are
members ol the- Inwramijrlean
Development Bank— (ADS.

The notice and its ottoenmcnia may
ba acquired at the Bidding Division
on the 9th’ floor, room 90*. at. the
above mentioned address, for ■
price ol CiS 50,000.00.

Brasilia, March », 1982
MANAGEMENT FOR GENERAL
• ADMINISTRATION

LUSAKA — Nigeria yesterday
reversed its opposition to the
admission of non-African states
to the 50-nation African Develop-
ment Bank, clearing the way for
an influx of capital from major
industrial nations.

Mr Victor Masi, the Finance
Minister told the bank’s Z8lh
annual meeting in Lusaka that
his country had bowed to a call

from poorer African members
for equity participation by the
developed world.

The change by Lagos ends a
three-year controversy over non-
regional membership, during
which Nigeria, Algeria . and
Libya — ail oil producers —
argued that participation from
outside the continent would

dilute the bank’s African charac-
ter.

Algeria and Libya have yet to
comment on Nigeria’s move,
which means there is an 82 per
cent majority in favour- of it.
Conference officials said 24 non-
. African countries, including the
U.S. and Japan had given notice
of their intention to join

The officials said their admis-

sion could increase the bank's
capital from $2.7bn (fl.obn). in'
19S1 to $6bn this year. Mr 'Masi
told the meeting that Nigeria's
change of heart had been in T
fluenced by 'a deteriorating
quality of life among millions of
people in other African member
nations. ’

Reuter

Court

resigns

By Emilia Tagaza in Manila

THE 12 JUDGES of the
Philippine Supreme Court,
including Chief Justice
Enrique Fernando, handed
in their resignations to
President Ferdinand Marcos
yesterday following the reve-
lation last monlh of irregu-
larities in last year’s bar
e xami nation results.

. An announcement from the
Presidential office said that
Chief Justice Fernando and
11 other judges arc to meet
President Marcos today.

Early last month one of
the judges, Mrs Ameurfina
Melecio-Herrera. who is the
chairman of the Bar Exami-
nation Committee, revealed
that the test papers of the
son of a fellow judge had
been altered and his grade
bad Increased by two per-
centage points.

Justice Herrera also said
that the justices voted to
lower the bar's passing grade
after the examinees' papers
were decoded and checked.
Traditionally, the passing
grade was set before papers
were checked.

IMF loan to
India ‘on course 9

Consultations between an
International Monetary Fond
(IMF) team and the Indian
Government ended in New
Delhi yesterday amid indi-
. cations that the second year’s
instalment of the three-year
- $5.7bn loan given last year
under the extended financing
facility will be released with-
ont difficulty, R. K- Sharma
' writes from New Delhi. The
IMF representatives are ex-
. pected to report to the Fund's
executive board that India has
fulfilled the conditions set for
the first year’s instalment of
jnst nnder $lbn

rriSNT JUST A LETTER
ITSASYMB0L

In the rest of Europe abigZ
symbolises more than you imagine.

It stands for Europe's biggest
manufacturer of domestic appliances.

It represents one of the most
innovative and technologically
advanced electronics companies in
the world.

It means components* housing,

solar energy, equipment for

community centres and employment
for nearly 31,000 people in 24
companies with47p]ants sellinginlll
countries worldwide.

It spells afutureforintemational
Industry and commerce in a hundred
different ways.

Because Z is for ZanussL

• V

Financial Times Friday May~?1982

THE FALKIANDS CRISIS

Mamed for

Vij/in

ojlIiIl

By Bridget Bloom. Defence
Correspondent

THE POST-MORTEM on the
loss oF Britain's HMS
Sheffield continued yesterday
as mllitaiy confrontation in
the south Atlantic appeared
to foe in a temporary lnlL

Naval experts were draw-
ing a number of seasons from
the loss of the SVpe 42
destroyer, hit on Tuesday by
a subsonic sea-sk’nisi’iis Exo-
cot missile fired, from a
French-naiSt Soper Etcndard
fighter jet.

Tlie failure of Britain’s task
force to detect tfoe missile-
carrying aircraft points to
inadequate radar cover, while
the nature of the superstruc-
ture of the Tyne 42 destroyer
is being highlighted as a
major reason why the vessel
burnt uncontrollably.

Admiral Robert Falls,
Canadian chairman of Nate's
Wsiitary Committee, said in
2ms'?' 1 : yesterday that he
relieved the Argentine
s 7 "» 5 ?s in veinj fnc Sheffield
had been enhanced by
^r‘"ir v , ?».»> c: early warning
-nf'-r -»;r«rofi.

.-V'r*i rcted that the

-*p —4 a 5 reraft

'!' n 'tin y«*n'»T “ is

n :.»rnfi qni'

T»*« d s d not

}>n,-n {11 er.^ if Bifli" V'^mina

’.irtr'ft the* - W| ju!d like in
?f;n ^nuth At!3r!E* Adra Falls
S^’ri.

Adm Fells ap^e^rs to have
fo*pn thinking cf British defi-
ciencies against the back-
ground of ~U.S. naval battle
group formation. The giant
90.000-ton U.S. nuclear-
powered aircraft carriers like
the Niznitz are equipped to
achieve air superiority over
an attacking enemy by a com-
bination of early warning
patrol aircraft, electronic war-
fare aircraft th 2 t can Jam
enemy radar end jet fighters
such as the F14, armed with
Pi’ierJs missiles.

The second point of weak-
n?‘:s being raised by some
nava! experts concerns the

n; the Type

42. Th f ' -ers?!« bull is built
-? * ■:. ? : »:;e *tn.?rs true tare
! • 11 - m -:n. One? Uio ship's
• c-jteras were

- . ■"'wi’i co”!d do

■ ■■'■• spread of

- M 'j.c nore com-

I'.tm sections,

experts allege.

Anxious U.S. bankers caught in crossfire

BY DAVID LASCaiS IN NEW YORK

U.s.- BANKS have found them-
selves caught, in the crossfire
between Britain and Argentina
ever the Falkland Islands. While
none of them expect the crisis
to do any lasting damage to
their considerable assets and
business operations, in Argen-
tina, they are watching develop-
ments anxiously. The U-S.
decision to side wth the "OK
has not helped.

“It’s not going to Mow the
system, but obviously we'd like
to see this thing settled quickly
and peacefully,” said a banker
In New York.

Accord 1 '” 1 " to the Federal
Reserve "’' ,,, rd. U.S. banks fcsd
a total S7.63bn f£43bn) in
loans out to Arge-tina at the
middle of last year, the latest
available figures. Considering
that dozens of Tj.S. banks do
business with Argentina this is
not a large sum. Nor does it
seem excessive in light of the
U.S. banks’ total overseas
exposure of $288.5bn.

But the figure is probably
Stbn or 93bn higher now, and
much of it appears to be con-

centrated among a few banks.

Manufacturers Hanover Trust
of New York, the fourth largest
US. bank is the only one whose
exposure Is large enough to war-
rant official disclosure. At the
end of last year, it had $L13bn
out to Argentina, equivalent- to
6 per cent cf its total foreign
loans.

First National Bank of Bos-
ton, which was one of the first
U.S. basks to set up in Argen-
tina for trade reasons, has' about
$9 00m hi assets there, mostly
loans. But about three-quarters
of this is denominated in pesos
and is locally funded.

Other large U.S. banks have
not revealed their exposure, but
several are believed to be in
for more than $100m- Many
also have retail banking opera-
tions there with brandies — in
First National Bank of Boston's
case, 22 of them.

U.S. banks have two main con-
cerns. One is that the U.S.
alliance with Britain will
damage their standing in
Arg entin a, though SO far this

ECONOMIC PACKAGE

Argentine consumers
hit by sharp tax rises

BY ANDREW WHITLEY IN BUENOS ASHES

SHARP INCREASES in taxes
on petrol, cigarettes and alco-
hol ' have been announced by
the Argentine authorities as
part of an eight-point emer-
gency economic programme.

The package indudes the 14.3
per cent devalution of the peso
announced on Wednesday, as
well as a number of measures
affecting bank deposits. These
are expected to lead to a major
shake-up in commercial bank-
ing.

Four more finance houses in
difficulties have been closed
down by the Government as
part of what Western bankers
yesterday described as a
“general clearing out” A col-
lapse of the secondary banking
Kvstem in Argentina, which
lives parasitically off specu-
lation and high interest rates,
c?»”tot be ruled out as a
deliberate consequence of
nn-’m-nr-ient policy.

Sneaking on television on
night Sr Roberto
> ’nm-.nn, the Econnrnv
Master. S aid : “A financial
sy?t Q ?n with high interest rates
based solely on official guaran-
tees is inherently weak and con-

tributes to delinquency. The
moral and economic health of
, the nation requires that this
system be eliminated.”

As a first step towards this
goal, the authorities have
reduced the state’s guarantee
on deposits of above 100m pesos
from 90 per cent to 80 per cent
1116 declared aim is eventually
to abolish the guarantees alto-
gether.

• in another politically in-
spired move, Argentina placed
limits, as yet unspecified, on
the growth of deposits by state
and fored go-owned bonks. The
move will further contribute to
the flow of funds towards the
older - established, private
Argentine banks such as Banco
de Gahda, Banco Rio de la
Plata and Banco Italia.

Among fully-fledged banks,
the biggest loser on Sr
AlemaxmV package is likely to
be the Lloyds Bank-owned Bank
of London and South America,
Bolsa.

Bolsa was the eighth largest
private bank in Argentina last
year, in terms of deposits, and
is now uiflskely to be able to

does not appear to have hap-
pened. Their bank •' branches
have not been, setalight by riot-
ing mobs, and they have not
been forced to withdraw' per-
sonnel.

Baziks are trying to conduct
business as usual, though many
have decided simply to lie low
for a while. ■ u We’ve been
.through a lot of anti-American
phases, and we’ve always come
through the other side,” said
the executive of one bank which
has been in Argentina for
decades.

More worrying is the
possibility that the war will
strain Argentina’s ability to pay
off its foreign debts, though, so
far, there is no sign of this.
Several banks confirmed this
week that payments are still
being made on time, and many
bankers said they expected
Argentina to strain every muscle
to preserve a good repayment
record. A spokesman for
Bankers Trust, the large New
York bank which has several
hundred million dollars of loans

out to Argentina, said: “We
believe Argentina will continue
to be able to meet its external
obligations.”

Even so, many, bankers con-
fess privately that the chances
of a financial crisis would grow
the' longer the war dragged on,
particularly if it led to a poli-
tical turmoil in Argentina. A
recently negotiated 5450m inter-
national loan for YPF, the
Argentinian petroleum concern,
which was only partially drawn
down when the dispute started,
has effectively been put. on ice.
Bankers say they are deciding
an a day-today basis whether to
permit further drawdowns if
and when Argentina asks for
them.

While a rescheduling would
be traumatic, bankers .empha-
sised that Argentina is well-
enough endowed with resources
to be a good credit risk in the
long run. Sr Roberto Alemann,
its Finance Minister, enjoys
high standing in the interna-
tional banking community. The
negotiations would depend to

V.

; .■■■■: I*

. -Ssa' ^ ■ ' JKSt f^HHE.V .f. . ... •*.

F* ' V 1 . S. K " \ 4’t H* :

MUHIu J'li ■

The vice-commander of Argentina’s sunken cruiser General Belgrano is hugged on his return
to the Argentine mainland by the naval base commander at Bahia Blanca

a large extent on the political
situation. As a member of the
International Monetary Fund,
Argentina would also have
access to hinds; from that
source.

Bankers would, however, feel
happier if they., knew more
precisely what arrangements
Argentina is making to cope-
with the freeze on its assets in
London.

In the longer run, the Falk-
lands crisis is bound to make
UJS. banks a little- more
cautious in their international
lending by demonstrating just
how unpredictable world events
can be. " Who could have ■pre-
dicted this sir months ago?”
one of them asked. Some
bankers said Argentina would
find its borrowing, costs had
gone up when it comes bade
to the markets, and there are
already signs that other Latin
American borrowers could be
affected too, because some
banks differentiate little be-
tween countries on that conti-
nent

make up the losses at has
suffered since the crisis began.
The UR. banks in Argentina,
notably Citibank and Bank of
Boston, are more confident they
can maintain their position.

Yesterday’s decision to raise
petrol taxes by 30 per cent is
expected to bring in an addi-
tional 550m for the Government,
which will help offset the large
deficit of the. state oil company
YPF. The more genera} aim is
to reduce consumption arid allow

greater exports of crude toil and
products.

Taxes on cigarettes have,
meanwhile, been raised by an
additional 5 per cent and on
alcoholic drinks by between
24 and 45 per cent.

While most Argentines are
probably prepared to pay up
now, to help the war effort. In
the long run the latest increases
in taxes, particularly ojj fuel,
'are 1 fikeiy to have a serious
impact on the cost of living.

Sr Alemarm’s plans of bringing
inflation down to below three
figures this year from its present
level of 131 per cent have been
virtually Idlledl -
Further controls on imports
beyond those announced over
the past two weeks involve the
suspension of permits to import
“ non-essential goods” for a 45
day period and unspecified
limits on permits for other
goods. Details have still to be
released.

BY LARRY KLWGBl IN 8RUSS&S

MR:. JOHN NOTT, Britain's
Defence -Secretary, yesterday
declared uncompronlisH^ly in .
Brussels Ithat the - UK felt com-
pelled to continue ils mititeuy
offensive in the Souto Atlantic
if no diplomatic solution was am
prospect to settle the Falkfemds -
dispute.

At the same time be took .
pains to xeassmto Britam’s
European allies that the UK
still sought, foremost, a -peace-
ful solution to the conflict .
European Community - Foreign
Mrnssters are due to decide on
Saturday whether to continue
EEC . trade sanctions against *
Argentina and. Mr Nott sought
to nadm fears "aver the escala-
tion of violence in the. South
Atlantic.

Mr Nott was' speaking after a
meet in g of the European' adlses
in the North . Atlantic Treaty
Organisation (Nato), . during
which his colleagues reaffirmed
the® condemnation of the
Argentine invations.

Note's 11-member Erao-group
said ,in a communique that
“ aggression or occupation of
territory by farce should not £
be allowed to succeed .” They ™
called for a negotiated soil union di
on the baste of UN Security
Council Resolution 502. zl 1

In separate talks with bis U.S.
amartetEpaBt, Mel Caspar We*n- P
berger, Mr Nott received assur- ye
ances of continued UR. support, cu
Officials on both sides said these Aj
talks were of a general nature: fo
the UJS.. was possfcly prep a red ad
to offer further logistical sup-
port somewhere down the line, fo
but the UK had not presented de
any “shopping list”- dj

Britain now has all the forces ^
and back-up units necessary to cr
fight the. crisis to the end if s i<
necessairy.. Mr Nott paad after- fQ .
wards. ar

Mr Nott emphasised that re- :
newed diplomatic moves to end
the conflict were being —
launched— in the U.S., the UN, •
from Peru and by Britain. At .

It seemed not to rule out the m
possibility that Britain might P®
be able to offer reciprocal ,n ]
measures “ concurrMitly " with s° ;
an Argentine withdrawal. he

Britain’s EEC partners may
seek signs of UK flexibility on fid
a negotiated settlement when ho
the Foreign Ministers meet on Mi
Saturday. There have been co;
growing expressions of anxiety sa:

JOHN NOTT— seeking to
reassure European allies

‘Blinkered view’
under attack

By David Goodtecfc Labour Staff

THE LOSS of HMS Sheffield in
the south Atlantic was in part
due to tile blinkered view of
defence, spending taken by
Britain's mtiitaiy planners, the
Ministry of Defence Council of
Civil Service Unions claimed
yesterday. Last year’s naval
cuts may have been seen by. the
Argentines as a “ green tight "
for the FalMands invasion, it
added.

Underlining the unions* can
for an immediate review- of
defence cuts, -Mr Geoff Lewtas,
chairman of the council, said
in London: “The FaUdands
crisis shows that we need a
significantly larger fleet if our
foreign and defence policies
are to be matched.” •

in European capitals over the
escalation of the : conflict, lead-
ing to British fears that the
solidarity of EEC support, could
be wavering.

There was some British: con- 1
fidence In Brussels yesterday,
however, that the - Foreign
Ministers would renew , their
commitment to. EEC ^economic
sanctions.

P

jtti

l;*'t '

lit:: i

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The Bonds will be reimbursed
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KREDIETBANK S-A-
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Luxembourg.

May 7. 1982.

BANK LEUMI IE-IBRAEL B.M.
(Incorporated In Israel)

NOTICE TO HOLDERS OF
. ORDINARY STOCK

NOTICE IS HEREBY GIVEN that the
SI st Annual General Meeting of the
Company will .be held at Its ReoUterwj
Office. 24-32 Yehuda Haievy Street. Td
Aviv, on Monday, the iGth day of May.
1982 at 10.30 o'clock In the forenoon,
for the pistxk* of:

1. Receiving and considering the accounts
and reports Of the Director! and
Auditors for the rear ending 51 st

_ December, 1981.

2. Declaring a Final Dividend for the

3. Electing Directors and approving the
payment of their fogs.

4. Electing Auditors and «xfcm thotr
remuneration .

A Member entitled to attend and vote
ax such meeting mar appoint a. proxy to
attend and vote on ms behalf. .Such
many need not be a Member of the

IT Order of

WAV*. S * er,tan '-

6th May, 1982.

THE BURMAH OIL
COMPANY LTD.

7% 1972-1987
Lux. Fo. 500,000,000

Holders of the above mentioned loan
are hereby Informed that the annual
Instalment of Lux. Fes. 50,000,000
due 30th June, 1982 has been ctiected
by repurchase In the market so that
no drawing by lot will rake place.

The principal amount of bonds out-
standing after the amortisation of
30tlt Juno. 1952 w III be Lux Fes.
250.009.000.

BANQUE INTERNATIONALE
A LUXEMBOURG
Society Anoitvms
Faying Agent

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7th May. 1982.

BANQUE NATIONALE -
DE PARIS
U5.$250,000,QOD
Floating Rate Notes due 1989
with Warrants to Purchase
UiS250,0004XJ0 '

14i% Bonds duo 1990

The rate of Intarost applicable to
the interest period from 6th May
1S82 up to 8th November 1982 aa
data mined by the reference Agent
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Financial- Times ■ Friday IVIav t 1982

AMERICAN NEWS

’s ‘new

federalism’ plan
receives boost

BY AKATOLE KALETSKY IN WASHINGTON

Richard Lambert in New York analyses the expanding publishing interests of Dow Jones

Wall Street Journal takes the plunge in Euros

PRESIDENT Ranald Reagan’s
“new federalism’’ pi^ to iraas-
f er government responsibilities
and fiscal powers from the
federal to the state level has
been given a new lease of life
by the National Governors
Association.

After three months ' of
apparent deedlodt over the
plan’s fiscal implication?.
Governor Richard Snelling of
Vermont, who is chairman of
the NGA.~ announced That. a
tentative agreement bard been
reached with the President on
. a .revised version oC rhe original
, proposals.. The . compromise
looks, like adding to the federal
Government’s . budget in the
medium-term.

The “new- federalism - ' idea,
which President Reagan ha,
described as one of the mo.ii
cherished personal goals of. his
political career, was the cenlre-
piece of the legislative pro-
ejratnme which the President
announced in February in hu
State of the Union message.

Bo-wever, his plan wa? over-
taken almost immediately b.v
the preoccupation wish tn«*
1983 badger and by suspicions
among state governors that
they would have in bear more
of the federal Govcrom ant’s
financial problems.

The President had oricinelTy
proposed to shift rcsponsibilita*
for two of ihe nations tersest
welfare programmes and ahout
40 orher programmes Tn Iran*,
port, education and housing and
social services from the federal
to state governments.

In exchange, Washinsjnn
would have taken over the fund,
ing of Medicaid, the system for
providing health service*; for
the poor, and created 3 tern-

porary " trust fund " to enable
the state? 10 pay for their new
responsibilities in the nest 10
years.

Afier the trust fund had been
used up. the federal government
would reduce various national
indirect Taxes.’ giving the stales
an opportunity to levy their
own uxes 10 nay for services.

The purpose of Mr Reagan’s
plan was tn give individual
state.', more freedom to choose
their own priorities audio vary,
the levels of public provision
according to the wishes of local
elect or. Me-®.

Governor.-, pointed out. how-
ever, 1 h:s*. the scheme would
jrealiy widen disparities in <he
leii*l of social provision be-
tween states and could place an
excessive burden on states with
high cnn/enrrn tiling of poverty,
or with inadequate tax bases.

In tbe compromise that Mr
SneMing has put forward, the
federal government would re-
tain rc«pon>'ii»Uity for food
stamps, one nf the two major
welfare programmes, but states
would loise over aid to families
With dependent children, the
only cash welfare benefit avail-
able to many poor Americans.

Toe federal government
would .guarantee the mainte-
nance of tins benefit at a cer-
tain level m all stales, provid-
ing subsidies if necessary Ii
would abandon various mea-
sures designed to reduce the
cost of Lbe food ?iamp pro-
gramme over the coming years.

A 1 rhough the Whirs. House
has not finally approved the
compromise, which could re-
present a climbdown on several
major paints, ii . said it was
“ encouraged ^ by the gover-
nors' proposal.

BY ROBERT GIBBENS IN MONTREAL

CANADA’S TWO largest
newspaper chains, Thomson
Newspapers and Sautham,
have been ordered to stand
trial on seven charges under
the Federal Combines Investi-
gation Art.

The charges allege. conspir-
acy to lessen competition.
~ unlawful merging, and mono-
poly of the production and
sale of daily newspapers. The
trial, to be held before a
judge, is unlikely to begin
before the autumn.

In an 300-page decision
which follows a preliminary
inquiry concluded last Decem-
ber, Judge J. L. Addison
ruled in Toronto that all the
charges "depend on findings
of fact and weighing of evi-
dence and should go to a
justice for trial."

Tbe charges stem from an
investigation b ytbe Federal
Consumer and Corporate
Affairs Department into the
closure of the Thomson-owned
Ottawa Journal and _ the
Soul ham-owned Winnipeg
Tribune in August, 1980, and
also of the Montreal Star Ju
September. 1979. The Star
was then owned by F. P. Pub-
lications, but was acquired by
Thomson shortly afterwards.

. Several other deais followed,
resulting in both Ottawa and
Winnipeg being left with only
one daily paper. South am

became 100 per cent owner
of Montreal's only surviving
English language daily.

Victor Macbie reports from
Ottawa: The Quebec Govern-
ment has begun moves to pre-
vent the application in its
province of many of the pro-
' visions of the federal Charter
of Rights, part of the new
Canadian constitution.

Mr Mare- An tfre Bedard,
Minister of Justice, and Mr
Camille Laurin. Education
Minister told reporters that
Quebecers do not require the
Federal Charter because Que-
bec already has a better pro-
vincial Bill of Rights.

The Ministers said the
Parti QuebecoLs Government
has derided to make no major
changes In its controversial
language law. but will defend
it rigorously In the courts.

Quebec would fight to the
finish any attempt, using the
Federal Charter, to provide
additional Engh'sh-langnago
schooling in the province, the
Ministers warned,

Canada’s new constitution
permits any province to opt
out of some of the provisions
of thr federal charter and on
Wednesday the Quebec
National Assembly tabled a
biff which would exempt all
legislation passed in thn
province hefore the Constitu-
tion came into effect on April
17. Later legislation will con-
tain opting out clauses.

TV blamed for violence

BY OCGIMALD DALE, U£. EDITOR IN WASHINGTON

A U.S. Government- report has
found “overwhelming” scienti-
fic evidence that excessive vio-
lence on television - leads to
aggression and violent
behaviour among children and
teenagers.

The report, by the National
Institute trf Mental Health, sup-
ported the preliminary findings
of a controversial 1972 report by
the Surgeon General, and said
that the earlier report's sugges-
tions of a link between tele-
vision violence and aggression
had “significantly strengthened
since then.

It has long seemed more than
coincidence to. most outsiders
that the U.S.. the most violent
country in the.deveioped world,
should also be responsible for
much of the world’s most
violent television. American

Senator warns
Europe on Nato
cost sharing

European members of Nato
must bear a. greater share of toe
alliance's defence, or support
may.. grow for removing vs.
Sco« from the region,. a«ard-
ing to .Senator John dean,
Rduter reports from ‘Washington.

The OhioDemocrat made the
statement after introducing an
amendment to a defence
authorisation Bill. The amend-
ment, which- he later withdrew.

would-iave -required allies- to

pay ?3 2m (£ 17,7 th) towards the

cost of -pre-positioning combat

equipment in Europe for. u.»*
troops flown there in a crisis.

children are fed a non-slop diet
of shootings, fighting. explosions
and even car»ions such as Bugs
Bunny and Tom and Jerry are
violent.

The link between television
and violence nevertheless
remains a dispuied topic- largely
because the country's powerful
broadcasting establishment con-
tests the point. This week's
report was immediately attacked
by the National Association of
Broadcasters and the New York-
based NBC.

The report found that the
percentage of programmes con-
tainine violence had remained
essentially the same during the
past decade. During the period
"there Iras also been more vio-
lence on children's weekend pro-
grammes than on prime time
television," it said.

Guatemalan

oil pipeline
sabotaged

LEFT-WING guerrillas have
blown up Guatemala’s only oil
pipeline, cutting the flow of
petroleum to Barrios, its main
Caribbean port, AP reports from
Guatemala City.

Sr Jorge Luis Monzon, Secre-
tary of Mines' and Hydrocarbons,
said the line would be. repaired
quickly. Production of crude oil
—all of it designed for U.S.
refineries— would • continue at
7,000 barrels a day.

The sabotage attack took
place on Tuesday ‘near Rio
Dufce. 170 miles fro™
Guatemala City.

DOW JONES and Co., publisher
of the Wall Street Journal, has
had its eyes on Europe for
years, In 1965 it discussed a
link-up with Reuters and, in the
early 1970s, it actively explored
the Idea of setting up local
language business papers on the
Continent. In 1974 it came
dose to agreeing a share swap
with the Springer publishing
group in West Germany.

Now it is fluidly taking the
plunge. A new international
edition the Wall Street
Journo] will start to appear on
the news stands early next year,
aimed at a select group of busi-
ness and political leaders in
Europe and parus of che Middle
East.

The title of ihe new paper
has yet to be decided, and so
has its precise Tormat. It will
include lois of business and
economic news from the ir.s.
edition, along with leader com-
ments and Wall Street statistics,
hut it will also take in materia!
from the Wall Street Journal's
Asian edition, and will empha-
sise European and other inier-
ational news to a greater extent
than the U.S. paper.

The paper will be edited in
Brussels, and printed at the
modern plant of tile Lim burgs
Dagblad in Heerlen, rtie Nether-
lands. The Journal currently
has 11 reporters working in
Europe, and another. dozen work
for its associate, AP-Dow Jones
newswire service. Mr Warren
Phillips, Dow Jones' chairman,
expects that growth in Europe
wiH roughly parallel the perfor-

mance of the Asian edition
which, after six years, now sells
just over 25.000 enpieg and has
a -staff of 33 reporters and
editors.

The objectives for the new
paper appear rather limited, at
least for the short term. The
Journal warns to strengthen its
position in the European finan-
cial community and attract new
readers in a steady rather than
spectacular way.

There are powerful resources

behind the new paper, however.
If Dow Jones decides that the
European market -is worth ex-'
plotting in a big way, it -will not
be held back by financial con-
straints.

The reason is that ihe Wall
Street Journal is an exiraordi-
narily profitable newspaper. In
terms both of its return on
stockholders' equity (26,5 per-
cent) and sates t Jl.l per cent),
Dow Jones is one of tbe must
successful targe companies in
the U.S. — ihanks in very large
measure to the performance of
the Journal.

Stockbrokers Kidder Peabody
estimate the paper contributed
some 73 per rent of the group’s
$149m (£83.2m) operating in-
come during 1981. Last year the
average assets employed in Dow
Jones' national publications and
services division amounied to
SlS9m. and the profils on this
side reached no less than $l21ro
before corporate expenses and
Interest an sales of $49Um.

Mr Joseph Fuchs, of Kidder
Peabody, says there are two
reasons for ibis commercial sue-

THE BAl

^ Wm» Street Journal bends fur B russels

■Europe target for US paper

-■*- TmT*.—

-■-ti-..!*.*.—

.... Nwmr * 4 ,0> 1-' f ■ ,52
p, u-jKb.it- ?■

I The Wall Street Journal Plans to Publish
A Sew Editionin Europe Early Next Year

b.—i. ^rra^n..

W. - * 1 *AJ.-Tte nnr ir-n j b K>iV C.Iopm: bspr-> m-r-

- WOk l* iM&iu!) a oni ■B'r.’Vj 00 ^ murv-x A pofiti 1 frm iMH «dl

tr j >n0r eir.t fi«> rnr, [ : :lt f* ^ 1 -a rjrtK .pra^r
• * 'Wji; a Tjntnj Li > j i^^rLUiK, ujjkil Bra*

*} M it ant^b, Lr^jqoi. I - 1 Tr ^ Jound hmr nji

iLr •.eu-n^vn nt£ irA-iUfl>-j !*r»S af tbe \4 ii rdUion m

■.‘ncthsi' I l/w xoJ fan d if fikLSr f ml til if. 1 * ul Ur ana par- I

j: n aA h.K M t* _ . • < M— n. - . ■

cess. One is lhai the paper is
very rightly edited for 3 speci-
fic demographic sector which
has great appeal to advertisers.
The other is that the paper is
“ superbly managed " on an '
operating basis, und has used
modern technology (0 create
new opportunities. ■ ■

By the ntid 197U$. all the
Journal's printing plants bad
been converted to photo com-
position. After esiablishmg its
first satellite priming plant, the
paper will have a network of
17 printing, plants across lbe

UA.

This development means Thar
the paper can be delivered
more quickly 10 a much wider
readership at a lower cost than
was ever possible in the pasl.
A typical printing plan; employs
a total of perhaps 25 people and

can uirii .our lOO.ntK) copies 3
.nig lit — 3 phenomenal level ot
productivity by Fleet Street
standards. While the Journals
citculatiun has risen from lJJm -
to over 2m since 1970. the
numb^i'. of. production workers
Inis fallen significantly.

The Journal's higher circu-
lation has brought an increased
volume of advertising and
generated more profits 10 invest
in new plant which can boost
trie circulation yet funder: a
sort of virtuous circle.

Ail the same, the group has
for mure than a decade been
anxious 10 broaden the spread
of 5 is business. . Out of the
Journal's profit-:. ’ j* has been
able to buy a score of provincial
newspapers, as well as a book
publishing company — Richard
D. lrvun — which nude a net

profit of S5.6m last year. It has
bought large shares in two
newsprint mills, which provide
about ;wo-fifihs of its newsprint
requirements, and it has be<-n
moving heavily .i ul o Cable TV,
Last year, it bougbr nearly a
quarter of the shares in Conti-
nental Cablevision. the twelfth
largest. Cable TV system open-
3tor in the U.S-. for almost
$sum.

Dow Jones In also looking fur
orher ways to exploit the
resources of the Journal. Some
*50.000 Terminals — including
home computers — currently
have access to computer-stured
information from the group's
data bases, and the number is
growing by about 2.500 a 111011111.
Aruuud 250 radio stations
receive business news in
exchange for free advertising

for the Journal, ana lhc srou.p
is also producing Cable TV
programmed. In March, it
launched a business news
service tratismiUeu via saielliie
tu special r.idio receivers that
can be programmed io deliver
only the news which ihe sub-
scriber wauls to pay for.

Nor all of the group’s attempts
;o diversify have succeeded. In
1H77. Dow .Tones tlused the
National Observer afLer spend-
ing 15 years and $34m in its
attempt tu build a news weekly
on a newpaper format. Last
month, it closed tile Book Digest
magazine, which it bought in
1978 fur around Slum. A new
niunthly business magazine So?
die U.S. market was killed >ifE
recently an an advanced stage
ol plar.mng. and Hu* Asian Wall
Street Journal got off to a
bumpy siart. It has not yet made
a profit, liiuugh i* h> scheduled
tu climb into the black this
year.

D"W Jones can afford the odd
problem. With over half the
shares control led by descendants
of Clarence Barren, who bought
the business SU years ago. the
company does not have lo keep
looking over its shoulder for
unwelcome predators. Its top
management, which has tradi-
tionally come up through the
editorial side of the paper, has
always placed an emphasis ora
longer term objectives. Alans
with a money-making machine
like the Wall Street Journal,
this combination adds up to a
formidable publish, ing enter-
prise.

Canadian publishing chains
face unfair trading trial

We’re 500ft below
the surface of the North

BP has just produced the billionth barrel
of oil from the Forties field.

?Tr

m

e’re

miles
arth’s su

BP has developed lubricants for space craft,

" . v '

-- ~''-**** *aa*aLe

We’re 5,000 miles away
in the frozen wastes of Alaska

. Last year, a second major oil field
in Alaska came on stream.

... •.*# .vf*

U

And yet we still couldn’t esc

Mb

n . v . . ■ ... v

I InB)81BPhadfoemharkona

[to L i programme to reduce refinery eax)acity

in Europe by

Yes, even a company as successful as
BP didn’t have an easy time in 1981.

Although we made a profit (£1,018
million -a return of some 16% on our
capital), we were hit by die-recession like
many others.

Difficult conditions forced us to fake
some painful decisions, such as plant
closures,!© secure our future.

And,as aresultofthese mcasnrcs,BP
is getting into shape for the realities of

1982 and beyond. Despite Hie problems
of 198L, weYe still confident. Uiat were
head ing in the right -direction.

As our Chairman, IVter Walters, told
this year’s Annual 'General Meeting:

^Nothing that, has happened in thi$T
last difficult year alters mv conviction
tliat our strategy over recent years of
broadening tlic Group’s interests and
• operating base will prove, in times ahead,
to have been the right oner

To find out about BE send for and
read our i9Sl Annual Report.

To: The Svvivlarys Department. The British
Petroleum Company p.U*, l ; KHUK)ST.Brtauiaie
Uon.se, Moor Lniie, I .ontion KC2B SI M-
" -Hleaste-seml nur.BFs I9S1 Annual Report.

Name : . . „ _ I

Address !

Financial' Times' Friday May -7 19S2T

Plan to raise

rates criticised

Portuguese
air control
contracts:
awarded

WORLD TRADE NEWS, : .• C,

- - - Paul Cheeseright examines the progress of Yeciproaty’ bills in Congress

Hopes of new U.S. trade legislation fade

BY PAUL CHEESERIGHT, WORLD TRADE EDITOR, IN PAWS _

EEC' PROPOSALS to increase period, they say, would simply
gradually interest rates' for create tour, .categories where
main users' of export credits three had existed before, making
yesterday' ran ’ ' "into early • the ' Consensus ■ more ■ compli*
criticism" at a meeting in Paris ' cated. . ' ' _

called to review international The effect of a change from
guidelines on the provision of the " relatively poor to . the
medium- and long-term sub- ** intermediate' category youla
sidised export finance. mean that a borrower would

The increase would follow* 2 have to pay on present - Cousen*
change in the classification of sus interest rates 10.5 per-cent
borrowers -talcing export credits to U per cent instead of TO per
from the 22 industrialised cent, and fhe maturity of credits
nattons'which participate in the would be cut to 8.5 years.. from
arrangement on guidelines for 10 years. . 1 . •

officialljvsupported - . export A reclassification of borrowers
credit." The arrangement is is considered by export credit
known as the Consensus specialists as lhe easiest way

In recent months a movement politically • to ^ make major
has developed to reclassify borrowers -pay 'closer ito the
countries - wirhin the three exist- market rate for export cr^its,
ing categories of . relatively , and has therefore assumed-
rich. intennecGate, and major importance at this week’s
relatively poor. . review meeting. . .

The* EEC., at French in- The EEC also met hostility: to
sistence, has suggested that its suggestion that Greece and
countries moving from the Ireland, both recipients of:
•' relatively poor” to the “ inter- 'export credits' rather than
mediate " category should make lenders, should remain in the -
the change in two. stages over “ intermediate category. Dele-
two years. - gates said there was unanimous

Such countries include those rejection of this idea. . ..
where mueh^of -lhe major capi- — The -idea s ee n - as-meon-
tal business in the developing sisrent with the EEC’s belief
world is taking place — Algeria, that countries should be classi-
Brazil, South Korea, Malaysia, fied as relatively rich if their
Mexico, Nigeria and Taiwan. per capita income is $4,000 or
Other delegations at the more. Insistence on keeping
meeting— held at the Organisa- the two countries in the “ inter-
tion for Economic Co-operation mediate ” category would
and Development (OECD) — damage the argument for
made clear that such a transi- moving the Soviet Union from
tional period would be the “ intermediate ” to the
unacceptable. Spain is said to “ relatively rich ” category,
have called it “ ridiculous.” It was proposals to change

Those opposed to the EEC view the status of the Soviet Union-
suggest that a reclassification of which provided the impetus for
borrowers should take place the reclassification process in
Simultaneously. A transitional the Consensus.

By Diana Smith in Lisbon

PORTUGAL'S airport and"
navigation authority; ANA,
has awarded orders worth
$55m (£®0:5m) to Dutch,

British and' French concerts; '
for. complete, modernisation
- and • automation of the
country’s air traffic - control.’

Hollands? Signal Appara : _
ten (HSA) will be the main
equipment supplier, with an
order of Esc Zbn (£T5.fim).

Also Included in -it -wide-
ranging package of contracts
, was an order of £513,000 to
Racal-Decca of the UK to pro-
vide-- equipment for. .air navi-
gation radio stations.. :

Thonxstra-CSF of France -
will supply automatic mes- •
sage wim^ipnipa Hon equip-,
menjt.- -- Wtirtb Esc '. : '.T. 00 nT ,
(£780,000 : The. entfre
modernisation . project is.,
expected to he ready by the
end' of 1984.

tt Plessey has received , an -
order 'for four Doppler VOR .
radio navigational, beacons
from the Spanish Civil Air.
Tr&nsport Authority. -The
first beacon will he installed',
near Barcelona this. year. The
three remaining beacons -will .
~be~completed on a~phased-io —
stallation programme ter-
minating In 1983. This is the
first DVOR order Plessey has
received from Spain.

■ ATTEMPTS BY U.S. senators’ to
devise a trade -bill embodying
,the concept of reciprocity in *
iorm . which is', acceptable to the
Reagan Administration : appear
to have stalled...." ' '. •

.- “There has been a lot of draft-
ing and .reTdrafting to accein-
. modaie' everybdoy’s - point "of
; view,. . but . the. .Administration -
"bositfon dpes'npt admitV much
-compromise^* . said ah A minis - ;
'nation official.' . . ' - . ’ . ?

But Sedate officials deny that
4ime- is -running- out- if legist .
la tion is to be passed this year.
There is still. plenty of time tD
pass a-reriprocify-bill: they Isay,
Bur they* - concede- that -discus' ■
sions with the Administration
have been moving very slowly.

The legislation would aim to
Specify- tbaC Where "U-S; " com--. :
parries do not -receive the same ■
amount' - of ■ access = to,- another.,
country's -- market ‘ as that
country's 'companies receive in -
: thd - U.S.; ' there" "should be " a
measure- of ■ retaliations-'- - :;

The idea first surfaced-;
towards .'the 'end of 1981, and
has emerged in "different -forms—
in bills fro nr Senator JoTm '
Danfbrtii '"and- Senator Jbhir
Heinz; Republicans, respectively
from- Missouri ahd Pennsylvania.

At. first the Administration- -
seemed ..to be encouraging the
.idea; -it raised no objections ..
when the principle was incor-
porated “IfT a' bill- to" regulate -
the telecotnmu mcations indus-
try. In doing this, the Admizus-
trationappeared to be turning

its. back on 60. Years of trade
policy based on a .multilateral
view of world trade.

The reciprocity ideas seemed
to be an attempt to .devise a
trade policy based on equivalent
market access, sector by sector
and country 'by country, and
appeared to be a convenient
-way' for the US. to wage its
trade dispute with Jspan-

By March, however, the Ad-
ministration was becoming in-
creasingly worried about the
. international, effects ofjsuch a
policy, which could "lent to'tfie"
dosing of markets and not to
their -opening— the basic aim of
■ policy- enunciated by Mr Wil-
liam Brock, the UJSL Trade Re-
presentative,

- “We. must not enact laws
: which: .wiR force. U.S. trade
-.policy 'to require" Bilateral, sec-
. * total. or product-by-product reci-
procity,” Mr Brock said in Con-

- gresSional testimony- • “A dis-
torted usp of reciprocity could
undermine an already vulner-
able. multilateral - trading

system.’* . :

At the same timei.the Admin-
' istration sought to bring the
reciprocity debate more dosely
under its control. It suggested
a new trade act which would
-give impetus to and authority
for the Administration's desire
to open up new international
trade negotiations in areas like
services, high technology pro-
ducts and investment.

But, as trade analysts in
Washington, noted, the Adminis-

This uncertainty is matched,
according to Administration
officials, by. disarray within. tihe
Finance .'Committee . of the
iSenate, whose role in the fram-
ing of new legislation is crucial,
in t±Ce Senate at large, and in
the House", of Representatives,
.where enthusiasm for new legis-
lation seems less marked than
intheSenate. :

Differences - haver emerged on ;
two significant' aspects of any
new legislation. .

• The first concerns. the use. of
Section- 301 of lhe. 1974 Trade
Act Tins is . the mechanism
which follows companies to com-
plain to. the Government about
trade, practices by foreign rivals
which are considered unfair
and provides for "the Govern-
ment, if the complaint is well-
founded. -to seek redress from

_ Senator John Danfortju . -
sponsored . reciprocity bill .

the offending country.

There has been a move vritfcin >.

. the' Semite to make the absence
of what . are [called “ substan-
; tiaHy : . equivalent commercial -
opportunities” in a. foreign =
mark^s-requiv^ent lhat Is, to '
opportunities, offered the for-
eign country in the U.S.—*. legi-
timate cause, for action under
Section. 301.

But -this has .apparently
proved too "sweeping for .some
senators,, who argue that such a
cause is too loose: it could mean
the bringing, of a 301 action
against .a country of whirti the
coynplafuant happened Jo dis-
approve.

• The second aspect causing

tration did not have a draft
btLJ, contrary . to. previous prac-
tice where. the decision to 'em-
bark on new Trade legislation
followed detailed .talks with
Congress. '■

It has appeared- -that, - given
the. rivalries within the A dmin -
istration over trade . policy,
officials may have been -clear,
about what they do. not want
-new- legislation -to- contain,- biit.
they have had difficulty in de-
fining the details of any new
measure, acceptable to them.

controversy . .is the degree of
discretion to be granted to the
' Government io act - against
unfair trade practices. This
discretion is already extensive.

. The Dauforth bill had sug-
gested, an annual. -report from
the. Government on- barriers to
trade faced by UiL exporters
and the steps taken to redress
them. The Reagan Atinunstra-
tion has set itself firmly against
any : legislation which would
compel it to act -as a 'result
•of the fiauBagg in . the annual
report

• Sponsors of legislation in the
Senate consider that, 7 -although
talks with tiie Administration .
have been slow, everything is on
schedule and it should be
possible to pass a law by. the.
end of the year.

In the Administration there is
doubt about, this, not least
because of the- attitude taken so .
far in the House of Representa-.-
tives. In the House Ways, and
Means Committee there has -
: been no dlspositon to develop &■'
bill, rather a desire to wait and
see what the - Senate 7 produces -.
and react to it. -

It is thought anUkely that the
bill will appear on the floor of
the Senate before -July, but it
will only be then that the House
will be able to give it initial
scrutiny. Taking into account -
a break for the summer holidays'
and the Congressional elections
at the end of the year, it is',
sated, that few legislative days
are left

Bicycle joint
venture plan
from Brazil

IFO offers view of rise
in Japanese patents

Airlines may
reconsider
767 orders

Bulgarian hopes run high
for consumer goods fair

U.S. and Hong Kong
partners in £100m project

BY ROBERT COTTRELL IN HONG KONG

A U.S. -HONG KONG joint ven-
ture plans a HKSIbn (£ 100 m)
six-storey container yard and
freight station in Hong Kong,
which the backers say will be
the largest such facility in the
world.

Partners in the newly-formed
joint venture company. Asia
Terminals, are lhe Far East
Consortium of Hong Kong, and
Sea-Land Orient of the U.S.

FEC is primarily' a property
company which says it wants to
diversify and boost recurrent
earnings. It is part of the Far
East Group of companies which
also includes banking and retail
interests. Sea-Land is part ol
R. J. Reynolds Industries of the
U.S., which also has interests in
food and tobacco.

Sea-Land holds 51 per cent
of the Asia Terminals equity,
with FEC taking up the balance.

'. By Our Lisbon Correspondent *

BRAZIL'S major bicycle
manufacturers. Bicidetas
Caloi, axe planning a joint
venture in Portugal with the
Portuguese concern, Bicidetas
Vilar.

Caloi now sells about lm
bicycles a year in Brazil,
where the middle classes are
becoming increasingly bicycle-
conscious — and is hoping the
trend wUl catch on in Portu-
gal, where ownership of a
motor car, however battered,
rusty and ancient, is seen as
a social imperative.

The idea for the bicycle
joint venture was put forward
during the week-long visit to
Portugal by Sr Paulo Salim
Mafuf. the Governor of Sao
Paulo state. Visible trade
between the two countries is
a modest $250m a year.

BY STEWART FLEMING IN FRANKFURT

THE high level of patent
registrations In Japan does not
demonstrate the innovative
superiority of Japanese indus-
try, according to a study pre-
pared by the Munich-based IFO
economics institute.

The study of patent registra-
tions suggests , instead that a
variety of factors; including dif-
ferences in-.' .the methods of
registering patents, helps to
account for the rapid growth
in the ■ number of- patents
registered in Japan.

The numbers . of . patent
registrations alone give no indi-
cation of the quality; of the
patents, the IFO study con-
cludes. - ’ -

IFO says that patent registra-
tions in Japan help in worker-
motivation and public relations,
and that patents are often

- registered is order to avoid
disputes. •

tt points out that in the U.S.
and West Germany many claims
can be recorded on one appli-
cation. In Japan, on the other
hand, multiple applications
would be recorded in similar
circumstances.

While in Japan the costs of
registering a patent are the
lowest in the world, the declin-
ing number ‘of patent registra-
tions in West Germany can
partly be ascribed to the high
costs of establishing patent
claims. .

—Small German companies in
particular cite tie high costs
of defending - a patent against
infringement as a factor which
makes it uneconomic to register
patents. ‘ *

MONTREAL— Two Canadian
airlines said yesterday they
may shelve plans to buy 10
Boeing 767 airliners.

A senior official of Air
j Canada said it might reconsider
buying six aircraft because of
depressed market conditions.

CP Air, whicb announced
increased losses in the first
quarter, said it was considering
delaying purchase of four 767s
ordered for 1985.

Air Canada is buying 1 2 over
the next two years and has
options on a further 18, six of
which had to be confirmed this
summer. M Pierre Jenniot, the
chief operating officer, said:
“Right dow. 12 is adequate for
today’s level of activity."

Boeing had no comment on
the moves yesterday. In March,
United Airlines asked Boeing
to. halt work on its order.
Renter

BY TOM SEALY IN PLOVDIV, BULGARIA

BULGARIA'S second consumer
goods fair, running from May
3-9, now looks like a gamble
that wiH pay off.

Officially called the Inter-
national Plovdiv Spring Fair to
differentiate it from the well-
established international engin-
eering fair held in Plovdiv
every autumn, it attracted only
500 exhibitors last year and
$480m (£266m) worth of busi-
ness with Bulgarian enterprises.

This year there are about
1.500 exhibitors and high hopes
for a similar increase. .

Bulgaria is looking increas-
ingly attractive to Western
businessmen. It has managed
to effect a turn-round in its
economy since 2978, and net
debt to the West has been cut
from some $&2bn to $2bn, with-
a surplus -on the hard currency

trade balance in each of the
past three years..

Hungarian -style economic re-
forms have been gradually in-
troduced, and Eastern Europe's
most liberal joint venture law
allows more majority sharehold-
ing by Western companies

Despite this, lire number of
exhibitors from developed West-
ern countries has probably
been a disappointment for the
organisers. Most of the increase
in forei@i exhibitors at this
year's fair appears to have come
either from Comecon or from
Third World countries.

Libya, for example, has 73
exhibiting firms, . while West
Germany, Austria, Italy, Britain,
Holland, Denmark, France and
Japan together only 1 listed some
65 companies as .direct -exixi bi-
tors.' • . .

KHALU COMMERCIAL BANK IID

Balance Sheet at 31 December 1981

1980

UAE Dirhams

ASSETS

5S9,S23,214

Cash on hand and at call with banks

3,673.000

Certificates of deposit - — - -

3,912,005

Deposits with banks

Loans and advances to customers

1,457,200,513

and other accounts '

95,893,328

Medium term loans

125,000

Investment at cost

Equipment, leasehold improvements

21,326,665

and computer development costs

2, 171,953,725

LIABILITIES

100,000,000

Share capital

•

Statutory reserve ■ * - ? ~ - _

29,000,000

General Reserve .. ■

413,173

Profit and Loss account

129,413,173

- 93.460.000'

-Certificates of deposit i j ' : ; / /

11,363.634

Medium term deposits

15,000,000

Proposed- dividends-

- 1,922,716. 91 & :

• .Current, -deposit and other: accounts

US$lm Dh 3.673

1981 19S1

UAE Dirhams Note US Dollar

equivalent

627,829,309 2 170,930,931

- 3,673,000- - 1,000,000

3,673,000 1,000,000.

Profit andLoss Account
Year Ended 31 December 1981

1,790,056,901-
109,564,226
— 125,000-

487.355,541"

29,829,628

34,032„

21,159,525

Profit for the year after charging
all expenses including provision
for bad and doubtful debts and
transfer to inner reserves

22,208,868

6,046,520

22,582,510

6,148,247

253,648

Unappropriated profit brought
forward

413,173

112,489

2,5 57,503,944

696.298,379

100 , 000,000

- -2,262,204
"49,006,000

- 359,837

27,225,701

615,901

13,340,594

97,968

21,413,173

Appropriations:

22,622,041

6,159,009

6,000,000

15,000,000

Transfer to statutory reserve
Transfer to general reserve
Proposed dividend

2,262,204

20 , 000,000

615,901

5,445,140

'151,622,041
-1 OS; 260,000
11,014,706"

41,280,164

29,474,544

"2,998,831

413,173

Unappropriated profit
carried forward

359,837

97,968

> 2,286,607,197_

^622,544,840

Abdutrahim Galadari

Abdulla MasaobcT

Khalil Fooladhi

-2,-171,953,725

2, 557,503, 9 44 - — r -696 ; 298,379

NOTES TO THE FINANCIAL STATEMENTS --
.1 .SIGNIFICANT ACCOUNTING POLICIES

4 MEDIUM TERM LOANS

ta) tbc financial statements are prepared under "the " historical cost
convention.

-Lb* Assets and liabilities in foreign currencies have been translated
to U.A.E. Dirhams at lhe middle market rates of exchange ruling
at 31 December 19S1. Gains and losses are taken to" Income."
tel The cost of equipment is written. ,tfff by- equal instalments over
their expected useful lives as follows:

Motor vehicles 3 years' : *

Computer hardware and development costs 5 years' - "'""
Furniture and' other equipment - --3 to 5, years'

The cost of leasehold improvements is amortised over~tb~e pdritrd of
the lease to which the expenditure ’relates. s- . —

, Medium term Joans to customers are those advances repayable more
-than, one' year .-after the balance sheet' date.

SHARE CAPITAL

f .The. authorised share capital is Dh 230 million divided into 2 million
shares of Dh 100 each of which 1 million shares have been -issued
and fully paid -

(b) Dh 20 million unsecured floating' rate certificates of- deposit,
repayable on 25 January 1982 at. an interest rate of over the
six month Abu Dhabi - inter-bank offered rate.

(c) Dh 14300,000 unsecured fixed rate certificates of deposit repay-

able at various dates during 1982. -Rates of interest on individual -
certificates are determined by the market rates ruling on the dates
of issue. - - ■ .. .

"r -8 -STATUTORY RESERVE

8 MEDIUM TERM DEPOSITS ' '

' Medium term deposits are those .deposits due. more than one year
after the balance sheet date. ......

. ; - In . accordance - with Union Law 10/80 of the U.A.&. 10% of the
'. profit 'for "the "year has been transferred to statutory reserve,

2 CASH ON HAND AND AT CALL

Cash on hand and at call with banks represents- -assets -maturing
within one month of the balance sheet date. .... .

i- LOANS AND ADVANCES TO CUSTOMERS " " = "

Advances are -stated net of provisions- f or had and doijbtf^ dehts. .

^7 CERTIFICATES OF DEPOSIT

".This comprises: : — .

Dollars -.20 million unsecured floating rate certificates of
deposit repayable on 13 July 1982 at an interest rate of i% . above
.six month LIBOR*- '

9 CONTRA ACCOUNTS

Acceptances, confirmed credits and guarantees entered rnto on behalf
of customers and in respect of which there are corresponding obliga-
tions by the customers’ amount to Dh 1,005^9,641 (1980: Dh.
955,380,713). • ; ■ - . ...

10 CAPITAL COMMITMENTS .

There were no material capital commitments at the balance sheet
date (1980: Nil),

. AUDIXQRS^IlEPQHT.Td TTp- SHAREHOLDERS OF-KHALiCr CX>lffiWERC^^ . "

We have exainijied 'the "financial "statements of Khalij Commercial Bank Ltd., set out above. Our examination included such tests of the- accounting
records and sue* oth^.auditing-prpeedures-a^we ceaisider^ necessary. We have obtained all the information and explanations we required, for^ the
purpose of our ;gxam5nation- ' " . , : " ' rr .:;.v.

In our opinion the^Bnaucial statements! present .a true, and fair view of the state of affairs of the Bank at 31 December 1981 and of its profit for "the
year then ended:—

„ ERNST firWHINNEY

Abu Dhabi . .

26 April 1982 ■ - - - -

1

lay

y 7

fcap-SSs'-'t V.v :

Financial. Times- Friday May 7 1982

SS

UK NEWS

ad e Atlas computers
launched by ICL

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BY GUY DC JONQU1ERES

ICL, Britain’s leadin'* computer
company, yesterday bunched
two lai^c Japanese-made com-
puters which will spearhead its
new strategy of attacking
International Business Machines’
vast customer base in western
Europe.

The machines, made by
Fujitsu, offer between five and
eight tiroes more power than
the largest computer made by
ICL and will be sold for about
£4m each. They will be
marketed under ICL’s own label
as the Atlas series.

Unlike ICL’s own products,
the Fujitsu machines are “plug-
compatible." This means their
internal design and technical
specifications closely resemble
these of IBM machines. They
can be easily slotted Into XBM
installations in place nr equip-
ment supplied by the U.S. manu-
facturer.

During the past few years,
plug-compatible sales have been
the fastest growing pan of the
large computer market. Their
success has given increasing
concern to IBM, which has
adopted a variety of tactics to
try to curb the inroads on its
customer base.

ICL has set up a new division
to market the Atlas. Mr Olaf von
Buelow, division head, yester-
day said he aimed to win the
second biggest share of the
European market for very large
computers after IBM.

He estimates there will be at

least 100 customers for such
systems in Britain alone in the
nest few years.

ICL also plans to sell the
Atlas in Scandinavia. Switzer-
land. the Benelux countries, the
Middle East. South Africa,
France and Italy.

It hopes to take orders for
about five machines in the next
year, with the first deliveries
nest spring.

ICL will have to compete with
a variety of other “plug-com-
patible” suppliers other than
IBM.

Siemens of West Germany is
already marketing identical
Fujitsu machines and a variant
of the design is being sold by
Amdahl, an American manufac-
turer. Fujitsu has an interest
of about 30 per cent in Amdahl.

BASE in West Germany and
Olivetti in. Italy are selling simi-
lar computers . by Hitachi,
another leading Japanese manu-
facturer. National. Advanced
Systems and Magr.usson. both
of the U.S.. are also compering
for the European plug-compat-
ible market.

Although sales of Allas com-
puters will be handled
separately from ICL’s own pro-
duct range, the company plans
to use its extensive international
marketing and maintenance net-
work to support them.

It hopes also to sell its own
peripheral equipment to custo-
mers buying Atlas computers.

World total of idle shipping at 6m tons

BY ANDREW FISHER, 5HPWNG CORRESPONDENT

WORLD SHIPOWNERS laid up
more than 6m deadweight tons
in March, mostly in the
depressed tanker sector. The
idle tonnage total is now at its
highest level for 3} years.

The General Council of
British Shipping said that hy
the rad of March 6 per cent of
the wortd fleet was laid up. For
tankers alone the laid-up pro-
portion was 10 per cent.

Over the past year the amount
of idle tonnage has trebled, the
coundl added. On March 31 the
total of laid-up vessels was 690-
representing 41.4m dwt This

compared with 640 ships total,
ling 35.3m dwt in February.

The steady increase in fbe
number of ships unable to find
cargoes reflects the continued
low level of freight rales for
both the oil and dry-cargo mar-
kets.

In both sectors, tonnage far
exceeds demand. More and
more large tankers are being
scrapped, while concern in the
dry-cargo sector about the large
number of new ships coming on
to the market is widespread.

In March last year the total
of idle tonnage in world fleets
was 14.2m dwt, or 432 strips.

Since then tanker rates have
failed to make any -lasting
recovery and the bulk shipping
market has gone into steep
decline.

The council’s figures, based,
on Lloyd's Monthly List of Laid-
up Vessels, showed that 276
rankers totalling 36.4m dwt were
idle in March. This was a sharp
rise from the 252 tankers of
31.7m dwt in February - and
made up nearly 90 per cent of
the total.

On the dry-cargo side March
saw an increase from 388 idle
vessels of 3.6m dwt to 414
amounting to nearly am dwt.

more than twice as much as a
year ago.

Although British shipowners
have been making more -vessels
idle, the trend was less acute
last month than for the world
fleet as a whole. In March some
4 per cent of the UK fleet was
laid up, comprising 39 ships
of l.$m dwt against 2$ of 1.5m
dwt in February.

Most of this consisted of
tanker tonnage, where- 7 per
cent of the UK fleet— 17 ships
totalling L6m dwt — was idle.
Only l per cent of UK dry cargo
tonnage was idle.

Security group plans computer service led growth

BY NICK. GARNETT, NORTHERN CORRESPONDENT

THE UK ARM of the Austra-
lian group Mayne Nickless said
yesterday it plans to expand its
security services into areas of
the country it does not yet
serve.

The main part of the com-
pany’s UK -operation is Anna-
guard. a Nottingham - based
subsidiary which operates 100
security vehicles.

The company has depots m
several Midlands centres, and
in Sheffield, Leeds. Manchester
and two sites just outside
London. Part of its expansion

Is geared to ringing the capital
with depots.

Com puta-G uard monitoring
and control security systems
for property and equipment
are a principal growth area for
Mayne Nickless.

Com puta-G uard. a trading
division of the group, has a
fully computerised central
station in Nottingham. When
opened in January last year,
the company said it was the
most sophisticated security
station in Europe.

The system monitors such
diverse emergencies as fire,
theft and equipment failure.

Premises subject to monitoring
have a terminal through which
the computers at the central
station make “checking calls"
every one to two seconds.

Computa-Guard is gearing its
own expansion to Armaguard’s
growth.

The division has data centres
— linked to the Nottingham
central station — at Wolver-
hampton, Leicester, Derby and
Alfreton. It intends installing
them in Sheffield, Leeds and
Birmingham.

Mayne Nickless UK says it is
intending to expand Computa-
Guard and the Coroputa-Pay

division, which calculates and
delivers payroll, to all the
areas into which Annaguard is
moving.

Compata -Guard, which ser-
vices just under 400 customers,
is small in comparison to some
similar companies, but almost
all its customers have .been
attracted within the last 48
months. A long-term aim is the
setting up of a Computa-Gaard
centra] station in Manchester.

In the tax year to June 1983
the group, which employs 560
in Britain, is budgeting for a
UK revenue of £5. 5m,

Italy offers tourists petrol ■=
discount and lower tolls

by JAMES McDonald

BRITISH holidaymakers taking
their cars or motorcycles to
Italy this year can save between
15 and 20 per cent on the
of petrol and motorway tolls,
the Automobile Association
estimates.

This will be the effect of the

Italian autohri ties' reintroduc-
tlon of tourist petrol discount
coupons — discontinued in 1079
—with an additional bonus of
free motorway ton vouchers
and free service from Auto-
mobile Club DTtaMa breakdown
service centres.

The petrol coupons and toll
vouchers can be bought from
most AA offices and port ser-
vice centres from May 24. but
only by personal callers. Pass-
ports and vehicle registration
documents must be shown and
there is. a £2 administration fee
for AA members and £2.50 for
non-members.

There are two concession
packages. Motorists visiting
northern and central Italy get
10 15-litre premium petrol
coupons, saving L150 per litre;
five free L2.000 motorway
vouchers for use north of
Rome, and a free breakdown
service card.

Motorists going to the south,
in addition to obtaining the
northern and central Italy pack-
age, can apply for a further
eight free L2.000 motorway
vouchers and one exchange
voucher for an additional 200
litres of premium petroL. These
will be valid only in the South.

including Sicity and Sardlna.
• Many of Britain's traditional
resorts were not fn Develop-
ment and Assisted Areas, where
public funds for tourism were
available, yet their level of un-
employment was as high as in
traditional manufacturing
centres, said Mr Michael Mon-
tague, chairman of the English
Tourist Board, in Lythara St
Anne’s, Lancashire, yesterday.

Mr Montague was accompany-
fng Mr G. Contogeorgis, Euro-
pean Commissioner for Tourism,
on a visit to the North West
region, which included Black-
pool and Merseyside.

Britain’s tourist industir. Tie
pointed out, employed three
times as many people as the
car industry. Its labour force
of 1.5m was twice as big as the
agricultural sector’s.

“The amount of assistance
we receive is minuscule by com-
parison. When you look at the
financial assistance given to our
steel industry. employing
around 160,000 , the contrast is
greater.”

The creation of employment
should be the EEC's leading
task. “The Treaty of Rome
clearly identifies improved
living standards as an objective
of the Community, if existing
economic policies based ah
manufacturing cannot meet
these objectives and cannot put
people back to work we must
look at new industries like
leisure and tourism.”

COMISION FEDERAL DE
ELECTRICIDAD

(CFE>

US$100,000,000

FLOATING RATE NOTES DUE1988

In accordance with the provision of
the Notes, notice is hereby given that
for the six-month interest period from .
10th May 1982 to 10th November 1982
the Notes will carry an interest rate of
15% per annum and the
coupon amount per US$5,000
will be US$383.33

Standard Chartered

BankPLC ' . Reference Agent

Company Notice : To the Holders of

CANON, INC

ITS $50,000,000 G S A% Convertible Bonds due 3 395

NOTICE OP ADJUSTMENT OP CONVERSION 3 S 8 DBB

We, Canon, Inc., hereby notify that, aa a result of fie issuance
of 30,000400 new shares of its common stock, at the price of Yen
62S per share, on 1st Hay, 1982 Tokyo time, the conversion price
of the above-captioned Bonds has been adjusted pursuant to Con-
dition 5 (C) (5) of Terms and Conditions of the Bonds from
Yen 829 to Yen 810.6 per share, effective as from the 1st May,
1982 Tokyo time.

CANON, INC.

30-2, ShunomaruZco 3-choma
Obta-ku, Tokyo, Japan.

Hay 7, 1982

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UK NEWS

^Finaiidal Times Friday May 7- 19S2

Joint action
urged on
currency
fluctuations

By David Marsh

THE U.S. needs to co-operate
more fully with other indus-
trialised countries to comfort
the “bandwagon'' elect of
rapidly fluctuating currency
, rates, according to an interna-
tional study published in
London today.

The Group of Thirty, a non-
official New York body of
bankers, central bankers and
economists, says in a report on
exchange rates that official
intervention on the currency
markets is necessary to back
' up better-balanced monetary
and fiscal policies aimed at
exchange rate stability.

The report says it is a
question of concern that
important exchange rates have
appeared to get out of line with
underlying trends in competi-
tiveness and otber structural
factors. It cites the wide swings
since 1976 in the nominal and
real exchange rates of the dollar
and the yen, the strong upwards
pressure on sterling and the
decline of the Deutschemark.

Such fluctuations can bring a
number of disadvantages. Vola-
tility can have an inhibiting
effect on international trade and
payments — although the report
says this danger is “easily
exaggerated."

More importantly, extended
periods of “high" or “low*
exchange rates can harm
national macro - economic
interests. “A high exchange
rate can promote ‘de-industrial-
isation,’ undermine credit-
worthiness, and impart a defla-
tionary bias to national policies.

“A low exchange rate involves
welfare losses and renders the
economy more vulnerable to
inflationary impulses coming
from high import prices and
strong export demand."

Internationally, lop-sided ex-
chang? rates lead to pressure
for trade protection and subsi-
disation. This danger is all the
greater at a time of rising
unemployment.

Short-term view

Exchange rate expectations
tend to be subject to a “band-
wagon ’’ effect. “ Operators
have increasingly tended to take
a short-term view, concentrating
on making short-term gains and
avoiding positions which, while
they might reasonably be ex-
pected to he profitable over the
medium term, might easily
show a loss over a period of
months or more.”

The group says exchange mar-
kets might, with more experi-
ence, learn to take a longer-
term view. But “ it is not easy
to be optimistic on this score,”
which could mean that the
recent unbalanced exchange
rate trend could persist.

The report says exchange
rates are influenced not only by
actual developments in interest
rates, current account balances
and inflation, but also by expec-
tations about their future
course. “While the impact of
each of these factors taken
separately may be fairly clear-
in practice they do not work
out in a sufficiently stable or
well-defined way to provide a
reliable guide to market opera-
tors.”

The European Monetary
System is cited as an example
of a political commitment to
pool national interests so as to
bring about currency stability.

EMS members display "a will-
ingness to direct monetary and
intervention policy to maintain-
ing rates within a fairly narrow
band, in the short run so as to
avoid significant divergences in
economic policy and perfor-
mance and to make parity
changes reasonably promptly
when needed."

The group calls for a greater
international spread of this type
of co-operation. The U.S.. in
particular, needs “to pay more
attention to exchange rate con-
siderations in framing its
domestic policies, and to avoid
an unbalanced mix of monetary
and fiscal policies.”

“When appropriate domestic
policies are being pursued, but
market forces are nevertheless
pushing exchange rates out of
line with sustainable current
and capital account positions,
official' intervention, on foreign
exchange markets can have a
useful- role to play.”

Government backing

Intervention is more effective
if it is carried out on a concerted
basis with the backing of all the
governments concerned. But the
report says that any commit-
ment by the U.$. to the dollar
rates should be more "loosely
defined ” than for other
countries.

Where there is a conflict
between internal and external
considerations the domestic
monetary impact of intervention
should be offset as much as pos-
sible. The report recommends a
greater use of co-operative
financing techniques, such as
the -Carter bonds launched in
1978 under which monetary
flows resulting from interven-
tion can be “sterilised/’

Judge asks to see ministry papers

BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT

A HIGH COURT judge yester-
day ordered the Department of
Trade to produce for bis inspec-
tion about 260 ministerial work-
ing -papers dealing with the for-
mulation of policy on die
British Airports Authority be-
tween 1977 and 1980.

Mr Justice Bingham decided
it was necessary to produce
them if justice were to be done
in a pending claim by 20 inter-
national airlines against die
BAA aod the Trade Secretary
over increased landing charges
at Heathrow Airport.

He said he would inspect the
documents privately to satisfy
himself that they would take
the matter further than evi-
dence already put In iby the
BAA and the minister. Once
satisfied he would order them
to be produced in the action, -
due to begin, in October.

It is the first time a court
has ordered disclosure of so
many government documents at
such a high level- The judge de-
ferred -the operation of his
order to give the department
time to appeal.

The department had opposed
production and inspection,
asserting that disclosure would
be contrary to the public in-
terest.

Rejecting «hat claim, Mr
Justice Bingham said the docu-
ments -could be crucial in de-
ciding the airlines’ claim. The
public interest in disposing
fairly of the litigation out-

weighed any harm. Ghat produc-
tion would cause to the business
or pubtic administration.

“ Documents as close as these
to tiie inner processes of govern-
ment have never previously
been ordered to be produced
In any litigation. There are
many proceedings in which the
basis of a minister's decision is
the subject of attack, but in
none have his working papers
been the subject of production.

" The consequences of produc-
tion could be potentially far-
reaching. But it is not suggested
that there is anything in these
documents which would embar-
rass the .Government in its rela-
tions with foreign states, or
injure any national interest”

The judge commented that
“one need not be a radical advo-
cate of government in the sun-
shine to feel that the protec-
tion afforded to official docu-
ments in the (past has perhaps
been sometimes over-generous."

The category of documents
to be produced was defined as
“ communications between, to
and from ministers (including
ministers' personal secretaries
acting on behalf 'of ministers)
and minutes and briefs for
ministers, other documents con-
sidered by ministers, drafts for
consideration by ayij£sters and
memoranda of meetings
attended by ministers ” in
connection with the formulation'
of policy regarding the BAA.
its borrowing powers, its capital

expenditure, its landing fees
and kindred matters.

The judge said that the air-
lines — led by Fan American,
Transworld and Air Canada-
contended .that, as a result of
increased charge imposed in
November 1.979, -they were being
required to pay an unlawfully
high price for operating into
and out of Heathrow.

They alleged that the charges
were unreasonably high and not
justified by the BAA's costs;
that the BAA was abusing its
dominant position, in breach
of Article 86 of the Treaty of
Rome; and that the BAA was
“ featherbedding n British car-
riers — and In particular British
Airways— to the prejudice of
foreign airlines.

All the allegations were
denied by the BAA and the
Trade Secretary.

The airlines also alleged that
the Trade Secretary bad im-
posed a financial target on the
BAA, which he bad no legal
power to do.

It was common ground, said
the judge, that the Trade
Department had told the BAA
that the Treasury was looking
to the BAA for savings of £20m,
either by way of increased
charges or postponing Jess
urgent investment

The airlines alleged that the
Trade Secretary’s main purpose
bad been to reduce and contain
the public seotoT borrowing
requirement, and not a purpose

properly relating to the BAA’s
performance of its statutory
duties. '

The minster’s intentions, and
the maimer in which he formu-
lated policy, lay at the very
heart of the airlines’ attack,
which was a carefully prepared
and serious criticism of govern-
ment policy, said the judge.

The extent to which that
criticism was ill-informed was
naturally affected by the extent
to which the relevant documents
were available.

The department claimed
immunity for the documents on
the ground that they dealt with
the formulation of government
policy on matters of major
economic importance to the UK,
parts of whir* were still a
matter of active governmental
consideration.

The judge said that the
matters were plainly dealt with
at a ministerial level, and it
was the Secretary of State’s
thinking which was crucial.

Ordering the production of
the documents for his inspec-
tion, the judge said he realised
that his decision might open the
floodgates to similar applica-
tions in other cases. But he
said the courts had ample
powers to deal with such a
situation.

He said he also bore in mind
the Johnsonian maxim that
“you must not neglect doing a
thing immediately good, from
fear of remote evil ”

Mother not at scene of
accident may seek damages

A MOTHER who suffered
nervous shock after learning
that her daughter had been
killed, and her husband and
two other children injured, in
a road crash yesterday won her
long legal battle for the right
to claim compensation for her
illness.

In a unanimous decision, five
Law Lords allowed an appeal
by Mrs Rosin a McLoughlin, 48,
of Sawston, Cambs. They ruled
she was entitled to sue for
damages, although she was not
at the scene of the accident in
October, 1973.

He added that Mrs McLough-
lin still had to make out her
case from the medical point of
view. She would now pursue
her claim, subject to the possi-
bility of it being settled out of
court with defence insurers.

Mrs McLoughlin is suing two
lony drivers and their respec-
tive employers: Mr Thomas
O'Brian and A. E. Docker and
Sons, of Barrow-in-Furness; and

Mr Raymond Sygrove and
Ernest Doe and Sons, of Maldoa
Essex.

At the time of the accident,
Mrs McLoughlin was at home
two miles away. After being
told of the accident by a friend,
she rushed to a Cambridge hos-
pital where she was told that
her three-year-old daughter,
Gillian, was dead.

In her action, Mrs McGlough-
lin complains ■ that she suffered
“severe shock, organic depres-
sion and a change of
personality."

“ Can it make any difference
that she comes upon them in an
ambulance or, as here, in a near-
by hospital, when they were in
the same condition, covered
with oil and mud and dis-
traught with pain?” said Lord
Wilberfocce.

Fears that, a ruling in Mrs
McCloughlin's favour might
give rise to a “flood” of liti-
gation were probably
exaggerated, he added.

Appeal Court go-ahead for
police freeze on assets

THE POLICE were entitled to
a "freeze” order on the auk
account of a man facing forgery
and deception charges, the
Appeal Court ruled yesterday.

Lord Denning, Master of the
Rolls, held that the High Court
had power to grant the police
an injunction preventing an
alleged thief drawing on his
ank account so that in due
course ill-gotten money could be
restored to the true owner.

“It would be a mockery of
the law if he could always
evade a restitution order by
disposing of the goods or their
proceeds pending his trial," said
Lord Denning. “The court must
have power to grant an injunc-
tion to stop him doing so."

Lord Denning said he could
not believe that a thief could
get away with his stolen hoard
by simply paying it Into his
hank account So long as it
could be traced, it could be
frozen.

Police had a right or interest
on behalf of the public to seize

goods and detain them pending
trial of an offender. The
accused man could apply to the
court to release sums needed
for bis defence or other “prooer
payments” Lord Denning
added.

By a two to one decision, the
Appeal Court allowed an appeal
by Mr Barry Paine, the Chief
Constable of Kent, against the
refusal of a High Court judge
to continue an injunction freez-
ing the bank account of the
accused man pending trial.

Lord Justice Donaldson,
agreeing with Lord Denning,
said the comon law “can and
should invest the police with a
right to detain money’s stand-
ing to the credit of a bank
account if and to the extent
that they can be shown to have
been obtained from another in
breach of foe criminal law.”

The judges requested that, as
the guilt- or innocence of the
man concerned was still at issue
in pending criminal proceed-
ings, he foould be identified.

Fuel swop halves company’s production costs

The report says that after the
breakup of the Bretton Woods
system a decade ago, the view
gained ground that more weight
should be given to market forces
rather than Government inter-
vention In determining
exchange rates.

The Problem of Exchange
Pates. Group of Thirty. 2,
World Trade Center, Suite 9630,
Neic York 10048.

A LEEDS based family company
has almost halved its production
costs after recently changing
from oil to coal.

Craven Calvert, animal fats
and animal feeds processors,
made the change in January and
already production costs have
dropped from £10.44 a tonne to
£6 a tonne.

The conversion cost £72,000
but, with 25 per cent off through
the government-assisted grant
available to industrialists wish-

ing to change from oil, gas to
coal. Craven Calvert paid
£54,000.

After three months on coal
the company is on target to re-
pay its capital outlay within two
years.

Mr Christopher and Mr
Michael Craven, the joint man-
aging directors, became con-
cerned last year that processing
costs were rocketing due to the
rise in oil. gas prices.

Mr Christopher Craven said:

“The bulk of our fuel costs are
on processing and so savings
made in supplying energy for
processing raw materials are in-
valuable to a firm like ours.

“Last autumn we called in
heating consultants and asked
them for a costing. They
advised us to go foe whole hog
and convert to coal/’

Mr Craven’s experience with
old-style coal handling on coal-
fired plant was unhappy and,
in spite of the obvious savings

to be made, he was reluctant to
commit himself and foe com-
pany.

The NCB, however, arranged
for him to tour modern coal-
fired installations and he went
back to his office and commis-
sioned foe change.

The conversion included a
new boiler, a new chimney and
a coal sUo of 44 tonne capacity.
The coal boiler replaced one
oil boiler and one oil-fired
generator.

Increase in invalid care allowance urged

BY RAYMOND SNODDY

THE Equal Opportunities Com-
mission yesterday called on foe
Government to spend more on
those prepared to look after
disabled and elderly relatives' at
home.

The commission believes as
many as 125m people, most of
them women, may be “ carers "
who because of interrupted
employment have only poverty
to look forward to in their own
old age.

“ The Government’s com-
munity care policy is revealed
as a euphemism for ait pnder-
resourced system which places
heavy burdens on individual
members of the community,
most of them Women. It repre-
sents care on the cheap, ,r the
report says'.

The EOC also accuses foe
Government of discrimination
against married women over
foe payment of foe invalid care
allowance (ICA). ’Hie allow-
ance is available to women who
have always been single and to
all men provided they cannot

work because they are looking
after a severely disabled person

It is not paid to married or
cohabiting women on the
grounds that they would- not
normally have a job and there-
fore would not lose income by
providing care.

“Women hear a dispropor-
tionate responsibility for caring,
and married women in parti-
cular suffer from foe assump-
tion that they ’ would not
normally be employed outside
foe -home anyway — for them
^caring is deemed to be a wifely
duty."

The commission . wants - foe
Jnvufod care allowance extended
Immediately to married and
cohahitirrg women and for it to
'continue after the death of foe
dependent where .the carer Las
no job to go to. The. allowance
should afeo be raised eventually
to foe equivalent of foe long-
term rate of supplementary
benefit

The EOC proposes -foot there
should be non-corctaibu tory, non-

taxable "carer’s benefit" for
those who look after- elderly,
infirm or disabled relatives who
require a lot of care but are
not incapacitated enough to
receive attendance allowance.

The cost of the new benefit
could be partly offset by abolish-
ing foe tax allowance for
dependent relatives and the
son’s and daughter’s service
akowance.

Apart from increasing bene-
- fits, the. EOC says employers
and trade unions should work
together to evolve more flexible
working arrangements for
carers. A substantial expansion
of back-up services provided by
local authorities is also needed.

It is "essentia the problems
arising from a rapidly increas-
ing pop ida turn of aged and
infirm people should be tackled
now before crisis point is
reached, says the report

. There is .considerable evi-
dence to suggest that failure to
consider foe needs of the family
as well as those of foe depen-

dent created such problems that
the old and disabled had to be
taken into hospital.

One study of a geriatric hos-
pital in Glasgow revealed that
less than half of foe patients
were admitted solely for mefo-
cal reasons. They were there
because of foe carer’s ill health
or inability to cope.

“ The lack of support for
carers means they are faced
with an impossible' burden.
Individuals must not be ex-
pected to cope alone with foe
care of foe sick, the elderly and
foe disabled and there is an
urgent need for a properly re-
sourced comma ty care policy,"
the EOC says.

11 is also ironic that cuts in
services make it more likely
that 1 more dependents need
expensive residential care, says
foe report

Coring for the Elderly and
Handicapped and Who Cares
for the Carers, both available
free from Publicity Section,
EOC, Overseas House, Quay
Street, Manchester M3 3HN.

Electrolux
to trim
workforce
by 100

Hrancal Time* Reporter

ELECTROLUX is to axe
nearly 100 production jobs at
its Luton factory because of
foe continuing slump in the
i domestic appliances market
The company has warned
1 * that there are also to be cuts
j among its 690 office and non-
i manual employees.

! In the last 18-months Elec-
I trolux has reduced Its manual
; workforce by about 500 to
| 1,500. Talks have begun with
; foe unions over . the redtm-
! dancies planned in the next
I three weeks.

! The company said foe latest
• redundancies will mean that
! . foe workforce will be able' to
j return to fulltime working.

| Kaiser Aluminium
i.to. -cut output

j KAISER ALUMINIUM- and
i Chemical, the third largest
| aluminium producer, is to cut
its output to 45 per cent of
capacity in a move to reduce
stocks because of poor de-
mand.

The company is to dose a
fourth potline at its plant at
Mead, Washington State,
bringing foe output to half
Its annual 220,000 tonnes
capacity. Mead’s output has
already been reduced by
85,000 tonnes since January.

£7m to be spent
on boilerhoose

THE Defence Ministry is to
spend £7m on a coal-fired
boilerhoose for foe Royal
Ordnance Factory at Bishop-
ton, Scotland.

The work will be carried out
by Babcock Power, part of
Babcoek International, whehi
will supply four shell boilers
from its plant at Renfrew.

They will replace old coal
boilers which born 60,000
tonnes of coal a year, half of
it supplied by foe National
Goal Board.

Ulster education
appeal launched

A WORLDWIDE appeal for
£500,000 was launched in
London yesterday to help
develop an alternative edu-
cation system in Northern
Ireland which will . enable
more Protestant and Roman
Catholic children to be taught
in the same classrooms.

Ulster's first integrated co-
educational secondary school
—Lagan College, Belfast, set
up as foe spearhead of the
project last September — is
already attracting equal num-
bers from each faith.

The first £160,000 of the
appeal will be used to find
a home for foe college which
occupies a redundant council
school.

TV talk back 5
experiment launched

A TWO-DAY television
experiment, in which viewers
can respond to questions
during live programmes will
be launched in Britain today.

About 60 homes in North-
West England will be linked
to Granada’s Manchester TV
Centre. Viewers will he able
to press a button to register
their vote on a question
asked in the regional maga-
zine programme, Granada
Reports.

Mr . David Plowright,
Granada's managing director,
said foe number of partici-
pants will soon be increased
to more than 100.

Campaign to
stop accidents

MORE THAN 66,000 children
under 15 were involved in
road accidents in 1980, nearly
500 of them died. When
these are .added to the
Ministry of Transport's other
accident statistics, foe total
rose to almost 411,000— about
1,125 accidents a day.

In a new campaign aimed at
reducing these figures, Petro-
. fina UK is fixing stickers to
foe rear of. its road tankers,
depicting a little girl saying:

“ Please . drive • . carefully.
Daddy.”

Sceptre retnms

TALBOT is to bring bade the
name Sceptre on a special
£5,555 version of its Solara
saloon. The name was first
used In 1963 on a Humber
produced by Rootes.

BY MAX WILKINSON, ECONOMICS CORRESPONDENT

THE LATEST economic indica-
tors point to better times ahead
in spite of possible disturbance
from foe Falkland Islands crisis,
says the i broker. Philips and
Drew in its monthly bulletin.

Phillips and Drew,.. which has
a high reputation for accurate
forecasts, expects output to in-
crease t>y about 1.7; per cent this
year compared with last. This
is somewhat more ' optimistic
than the Treasury's latest fore-
cast of 1.5 per cent.

The broker’s view is appreci-
ably more optimistc than that
of the Confederation of ' British'
Industry, which said on Wed-
nesday that its April survey of
industrial trends showed little
evidence of recovery . so far and
only weak indications of a pick-
up of activity in the next four
months.

Phillips and Drew; points to
foe downward trend of inflation,
the improvement in manu-
facturing production for' Feb-
ruary and the better trehd' of
the Treasury’s cyclical indi-
cators, which are designed to
predict turning points in the
economy.

If says: “As yet the Falklands
exercise does hot throw this
more encouraging background
off course.” Even ah extended
conflict, it thinks, would be
unlikely to excessively strain
government finances.

Phillips and Drew. Is predict-
ing a rise of between 2 per cent
and 2i per cent in UK output
for next year with -inflation
continuing in single figures for

foe whole of -1583.

A more cautious view of a
recovery this year was yesterday
given by foe Hanley Centre for
.forecasting.

It believes output will be 1
per, cent higher this year com-
pared with last a prediction
which is in line with the
unpublished views of foe Bank
of England.

However, the Henley Centre
believes output could grow by
2.7 per cent in 19S3 with com-
pany profibs increasing by 26
• per cent.

The centre continues to
believe the projected recovery
of economic activity will stimu-
late more inflationary wage
increases.

It says: "Despite the need to
finance investment and restock-
ing, firms with foe 'ability to
- pay * will find it difficult to
resist higher wage demands, as
employees seek to gain compeu-
■ sation- for the reduction in real
disposable incomes since 1979."

A separate forecast by Stam-
land Hall- Associates predicts
-growth of 1.3 per cent this year
and 3 per cent in 19S3.

Staniiand Hall believes the
average annual rate of increase
in world output between 1979
and 1984 will be 2 per cent, and
between 1984 and 1989 expects
' average animal growth of 3 per
cent

' By contrast the firm expects
the growth of UK output to be
an annual average' of 1 per cent
for 1979-84 and 1J per cent for
1984-1989.

Cly de Port expects brighter
year after first-ever loss

„ BY ANDREW FISHER, SHIPPING CORRESPONDENT

CLYDE PORT. AUTHORITY,
which includes foe Greenock
container terminal and Glasgow
general docks, fell into foe red
last year but hope* to break
even in - 1982 and return to
profit in 1983.

“ The first quarter of 1982
appears brighter and 1 we are at
break-even.*’ said Mr John.
Mather, the managing director, -
yesterday. Any prolonged con-
flict over, foe Falkland islands,
however, could affect the ports
South American general cargo
business, he noted.

Last year’s loss was foe first
since the authority was set up '
in • 1966. Revenues slipped
from £21.8m Jo £19.310, and foe:
operating surplus before interest
and depreciation fell-, from
£2„71m to £2,66m. .

After normal . depreciation
there was a turnround from an
operating deficit of £543,000- to
a profit of £384,000. But
interest charges and more than
£400.000 of accelerated depreci-.
a-tion on assets no longer in
use led to a final deficit of

£824.000, against a surplus of
£46,000 in 1980.

“ We are now getting the full
benefit of economies which were
made in foe course of last yeai
and there are signs that trade
is at last stabilising," Mr Mather
said.

Over the. past two years, the *
labour force has been reduced
by 600 to 1,030. The number
of dockers has fallen by 250 to -
about 400.

Clyde Port said that redun-
dancy costs were nearly £400.000 .
last year. The Government's
delay In . extending to aU ports '
the dockers’ severance scheme
offered to London, and Liverpool
coot . - the;. -. aufooriiy : .about
£150,000 in wages.

Greenock , was hit last year by
the decision* of Manchester
Liners— part of foe CY. Tung
Group— and foe - CAROL Line
consortium to switch to Felix- ■'
stdwe for . operational reasons,
though it has picked up business
diverted from Southampton
during foe industrial disputes
there.

Women’s role in business
purchasing ‘very small’

BY TIM DICKSON

WOMEN MAY vastly out-
number men as they swoop
into Sainsbury and Marks and
Spencer to stock up for the
home— but their inHuence on
purchasing by businesses Ls
“ very small.” ;

That is the main conclusion
of a survey conducted by the
Economist Intelligence Unit
(EIU1 for Makro, a leading
cash-and-carry group, which
claims a 12 per cent share of
the UK market.

The survey of a random
sample of Makro customers in
four big UK cities found in foe
retail and catering sectors that
only 15 per cent of businesses
give a woman total purchasing
responsibility. - - • -

Women in London play an
even smaller role in purchasing
than those elsewhere-.in._foe
country. Of companies in the
other three' cities covered by
foe survey— Manchester, ■ Glas-
gow and Newcastle— Maricuni an
ones employ the biggest hum- ;
ber of women purchasers.

Despite the market regional
imbalances a greater proportion
of married couples appear to
work together in retailing and
catering 1 businesses to the Lon-
don area.

It appears, however, that men '
have a high regard for women’s
effectiveness in purchasing —
even if they do not practise

what they preach. More than
half of those interviewed — 75
per cent of whom were men —
thought women just as capable
as men; 23 per cent thought
that they were more so.

“The findings show that some
of the views expressed may be
lip- service, rather than a solid
commitment to the woman’s
role in business,” Mr Jim Lowe,
Makro's marketing director,
said, yesterday.

Makro says it commissioned
the research because of the big
discrepancy it had already,
detected between the number
of consumer • purchasing
decisions and the number of
business purchasing ' derisions
taken by women.

Research carried out on con-
sumer buying habits shows that
in the home women influence
something like 80 per cent of
purchases.

Clearly keen to see more ot
the female touch in its ware-
houses, foe company is start-
ing to promote itself more with
women in inind. Angela RTpoon
and Geraldine Rees {the first
womaTh jqckey to complete the
Grand National course) hare
been signed up for publicity
purposes. -

Makro', however, admitted yes-"
terday that only three of its
15 senior buyers in the UK are
women.

Winter deadline for breakwater extension Manx customs agreement Should stay’

BY Ol)R ISLE OF MAN CORRESPONDENT

BY OUR tSU OF MAN CORRESPONDENT

WORK on foe extension- and.
protection scheme at the Battery
Pier Breakwater, Douglas, Isle
of Man, is expected tofoe com-
plete by the end of the year.

Mr John S. Moore, resident
agent for French Kier Construc-
tion, the main contractors, said
foe aim was to complete the
job before the worst of the
winter, otherwise temporary-
measures to protect the work
already finished would be
needed and the completion
would have to be delayed untiL
tne weather improved.

The scheme involves the
building of a protective rubble
mound wall on the seaward sitfe
of the existing breakwater
(built in 1879' and seriously'
weakened over the years) and a

410 it .long rubble mound exten-
sion to the breakwater to give
improved protection in tji£
timer and outer harbours.

At present foe harbour, the
island's major ;p0rt, has to be
closed for several' days if a
strong south-easterly gale is

blowing. •

• The protective mound, ia
' completed along the inner part
of foe present breakwater, built
originally with .two. walls and
the -area between them filled
with rubble. Along the shorter
outer section, built of concrete
blocks, foe mound has had its
armour coating of large granite
blocks put in position.

This will be followed by the
placing of foe outer casing of
concrete blocks over foe armour.

The blocks, known as stabits,
interlock when placed in posi-
tion.

The extension work is now
230 ft from its start line, the
central rubble mound being
built above high water level
for fols distance. lt is being
extended and '■raised by rubble
brought to the site from foe
Stonqy Mountain granite quarry
some 10 miles away. A large
fleet of lorries is running on a
carefully "designated route be-
tween the quarry and foe
breakwater.

Mr Moore said if was in-
tended that work should start
soon on building the concrete
navigational dolphin which will
form part of the 'paint of the
extended breakwater.

This dolphin, which will
cany navigation lights, and a
buoy, already laid by foe Isle
of Man Harbour Board, will
mark the entrance of the- new
deep-water channel into the
harbour. To make this channel
safe for shipping, part of the
Confster Flakes Reef,-', on the
landward side of the buoy, has
been blasted away and the rubble
dredged and deposited along
the tine of the breakwater ex-
tension.

The Harbour Board has
already published its proposed
system of lights, which will in-
clude a lighthouse equipped
with .a foghorn at the end of
foe extension.

Douglas harbour is already
radar-controlled

THERE SHOULD be no immedi-
ate -changes in the customs
union between foe Isle of Mas
and foe UK, says a select com-
mittee in a recommendation to
Tynwald (the Manx parliament).

“It would be imprudent to
make any recommendation
which might involve consider-
able risk to the island’s pros-
perity and the employment
opportunities for its residents
at a time of world recession.”
says, the committee.

• “Bearing in mind fears ex-
pressed by foe industrial sector
of the difficulties which, might
be imposed by the creation of
any customs barrier,' your com-
mittee would not wish to make
trading conditions any more
difficult at such, a time.

dose investigation . ipto these
apprehensions with a view to
determining if they .are valid
and whether they can be satis-
fied, in whole or in "part.” . .

- ■ The report, which win be dis-
cussed on May 18, .says some
sectors of the M amc . economy,
particularly the tourist indus-
try, r are caUlbg for abrogation of
foe customs union. '

The. views of foe. .tourist in-
dustry and island's fin ar u a?
sector, which had ■ in part • also
called for abrogation, will be
sought by the committee . and'
carefully scrutinised.

The committee .says .some
3,000 people • are employed full .
time . in manufacturing, indus-
try and the tourist industiy pro-
seasoaal employment.

. It also points out that any
. changes in .indirect -taxation
made to benefit foe tourist in-
dustry, wotild mean, at first any.
way, a revenue, loss to the Mans
Government, which would have
to be made up in other ways- .

An appendix says the British
Government may agree to reduo-
.tlons in the 5- to IQ per cent
range in tobacco and petrol
duties, but. is .totally opposed to
. changes in duties on alcohol
and VAT rates.

Britain, says the - report*
wants that abrogation of.®*
agreement could have a serious
consequence for the tourist in-
dustry; a • reduction in foe
number, of air-and sea ports 13 _
the UK from whch it would be
possible' .to-, travel 1 to foe Isle • w
Man.

i

9

Financial . Times Friday May. 7 .1982

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Director
quits board
of British
, Sugar

V

I By Ray Maughan

.MR JOHN PADOVA N, the
* r County Bank director appointed
„ to the board of British Sugar
'.'Corporation to represent S and

- W BerisfortTs 40.02 per cent
shareholding after its hotly con-
nected £200m bid lapsed last

summer, resigned yesterday.
The move followed itR exdu-
Jsion from consideration of
British Sugar’s profit and divi-
. dend forecasts for the year to
^September 26 1982.

; British Su?ar published a
-strong rise in interim profits
* yesterday and projected profits
rt for the full year of £60m and a
'"’total dividend of Sap per share.
' The group, headed by Sir Gerald
n Thorley, is acutely aware that
-1 Berisford will be free to bid
*■ again after July 2 and gave
/ these forecasts in the helief that
-“shareholders should he awarg
at this stage of its assessment
■ of prospects for the year."

- In a letter to British Sugar
" and the Stock Exchange, how-
ever. Ur Padova n said “it is. in

" my opinion, improper and in-
■f consistent with ray carrying out
^ my duties as a director of
British Sugar that I should have
been excluded from eonsidera-
» tion of the proposed profit fore-
cast”

f- lie said he had joined the
aboard accepting “the same
*: obligations of confidentiality
-.regarding I lie affairs of British
Sugar os ail other directors.

“ In addition I made it clear
that I would not participate in
discussion of any matter directly
*« relating to S and W Berisford,
^or in any consideration of any
offer if made. I cannot regard
a forecast, made at this rime
when no offer from Berisford
exists or could be made for
some months, as a matter
directly relating to Berisford in
... which I should not participate;
-to do so would really negate rav
function as a director.”

Builders
increase

i BY ANDREW TAYLOR

: THE FIRMEST evidence yet of
a recovery in house building
has been provided by Govern-
ment figures showing a signifi-
cant rise in the number of new
i homes started in the first
| quarter of this year.

According to figures pub-
lished yesterday by the Environ-
ment Department work was
started on more than 44.600
public and private sector homes
in the first three months of
this year. This compares with
o**iy 33,0110 starts made in the
first carter of last year..

Leading housebuilders said
yesterday that the rise in build-
ing activity reflected the grow-
ing confidence in the housing
market

Mr John Swanson, sales and
marketing director for Barratt
Developments, the country's
largest priva le house builer.
said lower interest rates and the
ready availability of mortgage
finance from building societies
and banks was encourging
more people to buy.

Mr David Eaton, s^les direc-
tor for Wimpey Homes, said
sales of new houses by Wimpey
had risen sharply in’ i!*e past
two months. Sales in M:*rrii and
April were running about 20
per cent higher Ilian jn the

report significant
in housing starts

60

■000

!“« ST^

SEASONALLY
ADJUSTED

same two months las| year.
There was a particularly strong
demand from lirst-nme buyers.

Mr David Holliday, managing
director of Laing Homes, which
concentrates most of its huild-
iny activity in The more affluent
southern part of rhe country,
said sales in the first quarter
were 5ft per cent higher than in
the first three montlis of 1981.

The government figures show
that the rising trend in new
housing star is has occurred in
hoth the public and private sec-
tor. Almost 12.000 public secloi
homes were started in the first

quarter of this year — which on
a seasonally adjusted basis
represents a 40 per cent
increase on the iuurth quarter
of 1981 and is 67 per cent more
than in the same period a year
ago.

There was u strong Improve-
ment in private seel or houwng
starts in the first quarter.
Seasonally -adjusted starts in
the first three months were 47
per cent hit-her than in the
first quarter of last year.

The House-Builders Federa-
tion said l he rise in building
activity was exiremely welcome
hut that the improvement was
not necessarily reflected in all
areas of the country. The rise
in housing starts was coming
from an extremely low base
after two very lean years for
house builders.

May Day move

A BILL to replace the May Day
bank holiday in England with a
holiday on St George's Day,
April 23, is to be introduced into
the Commons later bris month )
under the Ten-minute rule pro- i
cedure.

rts sponsor is Mr Robert j
Atkins, Conservative MP for !
Preston North. I

Applications for machine tool aid soar

BY LORNE BARRING

APPLICATIONS FOR the
Government's scheme to help
smaH companies buy machine
tools have soared- in the past 10
days, according to Mr John
MacGregor, Under-Secretary of
State for.Xndustry.

He said in a reply to a
Commons question yesterday
that about 800 applications had
now been received, compared
with less than 400 early last
week, underlining industry
fears that the £20m allocated to

rhe scheme will soon be
exhausted.

The Small Engineering Firms
Investment Scheme was set up
at the start of last month to
provide a grant of around one
Ihird of the rost of new machine
tools and other capital equip-
ment to eligible companies.

Since then the administrative
headquarters of the scheme in
Birmingham has been swamped
with applications. But until
this week it has been unable to

Business
i improvement

r;

~ aid plan

By Tim Dickson

• ’AN INITIATIVE- to assist
businessmen with inadequate
’■ premises In the London area
M to improve them was launched
yesterday by the London Indus-
trial Buildings Group. .

!* Named “Hot Line.” it is a
-'free telephone advisory service
s ‘ provided by architects; sur^

; veyors, engineers and builders,
v; Businessmen wiih. problem -pre-
n ' t raises causing production- hold-
;^ut>s or high costs can rine the
number (01-631 0771) for a free
consu It a nc>- session with a group
member.

The aim is to identify rhe
trouble and refer the caller to
a professional or corporate body
able to carry out the necessary
work.

“Inappropriate premises can
frequently inhibit industrial
production and more money is
poured away in maintaining in-
efficient premises than into cost-
; effective improvements," Sir
Monty Flnniston, chairman of
- the Economic Development
r * J Committee for the Building In-
' dustry, said in launching the
service yesterday. :

The group is a non-profit body
representing the - "Royal Institute
:‘.'of British Architects, the Royal
\ Institution of Chartered Sur-
J veyors, the Association of Con-
* suiting Engineers, the National
Federation of Building Trades
J. Employers and the Chartered ,
'.Institute of Building Services. 1

Humber Kitchens set to
buy Hygena trade name

BY MARK WEBSTER

PRIVATELY OWNED kitchen
furniture makers. Humber
Kitchens, looks set to buy the
Hygena trade name from the
Norcros group.

Hygena. once the leading
British kitchen furniture maker,
went out of business in January
this year after persistent losses-
A1 though there -were several
inquiries about purchasing
Hygena when it was closed. Nor-
cros did not consider any of
them a serious bid and made it
clear that it would eventually
put the name up for sale. :

No one was available for com-
ment yesterday at Humber Kit-
chens* on Humberside, and
Norcros said it. did not wish to
prejudice the outcome of afcv
possible deal by making a pre-
mature statement
Several British and foreign

companies are known to have
expressed an interest in bnvi-c
ihe tradp n.-»mc of Hygena.
which established itself in the
early lS7lk hnnm market for
DIY kitchen furniture. •

• The acquisition of the trade
mark makes ;^ood sense for
Humber Kitchens, which H
majority owned by a Channel
Tsiard trust.

More than 50 per cent of the
company’s out put is sold in !ke
M**! and S'a'us DH' stores,
which merged i r* i R8*j. and
which cater for Ihe hinli-volume.
cheaper end of the kitchen
furniture market.

Former Hyaena managing
director Mr Ken Walker has
set up his own small company.
Wentworth Furniture, which is
making two of the ranges pre-
viously produced by Hygena.

BR halts freight imports

BY ANDREW RSHER, SHIPPING CORRESPONDENT

BRITISH RAIL has been
swamped by an upsurge of
freight imports from the Con-
tinent and has put a temporary
embargo on further traffic while
it works through the backlog.

About 250 wagons are await-
ing shipment at Zeebrugge,
Belgium, including 62 which,
arrived yesterday morning. It
will take BR about a week to
clear them on the ferry run
by its Sealink subsidiary.

In recent months Sealink has
removed three ships from its

Harwich, Zeebrugge service
leaving only the Speed! ing
Vanguard which was built in
1973 and bas a capacity of 3,500
gross registered tons.

Most of the wagons awaiting
shipment from Belgium carry
freight from West Germany. BR
said, however, that the backlog
was by no means typical of the
general traffic level.

The remaining ferry on the
route does one round trip a
day. The crossing takes seven
hours.

Chase annual report tops poll

BY ALAN FRIEDMAN

l ': CHASE MANHATTAN BANK,
"“the third largest U.S. bank in
terms of assets, published the
'. best annual report among the
; world's big banks according to
"'.a survey of 100 published
; yesterday by the Financial
Times.

Credit Agricole, the- large
.'French banking group, pro-
,- duced the worst annual report,
v according to 1 tiifr survey.

. It evaluated the reports
' using criteria based on inler-
~ national accounting standards
' and on a survey of those who
use and those who prepare the
reports.

The quality, pf each report
was rated on -a scale of A to £.
Chase Manhattan’s was the only
one to score A.

According to Mr Martyn
Taylor, one of three co-authors,
a principal finding was that She
-'‘‘average standard of bank
"annual reports is “not good.’
"Mr Taylor said the bank report
-’-standards did not compare with
“ 'those of commercial companies
, and recommended a greater,
'•'degree of international com-
• - parafciKty and better disclosure
:*af financial information.

Of the 17 countries in which
-’bank -reports were examined,
?U.S. bank reports received the
best rating, with 23 grade Bs.
r-Six British banks received the
e'B rating and Barclays was
jm judged the best UK report. Had
..■the latest Barclays and Midland
^reports been included in the
**» survey, they would have been
a .'also judged to be grade B.

;c For Don-financial infonnation.

THE BEST AND WORST OVERALL ANNUM. REPORTS

Country Best Worst

Argentina

Banco de Fan Nad on
Argentina

Banco de la Provmtia
de Buenos Aires

Australia

Australia & New

Zealand Banking

Commonwealth Banking

Austria

(Only one bank surveyed)

Belgium

(Only one bank surveyed)

Brazil

Banco de Brasil

Banco Brasileiro de
Descontos

Canada

Royai Bank of Canada

Canadian Imperial Bank of

Commerce

France

Credit Industriel ct

Commercial

Credit Agricole

W. Germany

Baycruche Vereinsbank

Bayerische Landesbank

Hong Kong

(Only one bank surveyed)

Italy

Banca Commerdale
la! tana

Caripio

japan

Bank of Tokyo

Sumitomo Trust and
Banking

Korea

Korea Development Bank

Korea Exchange Bank

Netherlands

Algemene Bank

- Nederiandsche

Nederland

Middenstandsbank

Spain

Banco de Bilbao

Banco Espanol de Credito

Switzerland

Swiss Bank

Swiss Volksbank

UK

Barclays Bank

Standard Chartered Bank

vs.

Chase Manhattan

National Detroit

French and Swiss banks were
judged the best. Argentine
banks came 10th out of the
list of 17 countries examined.

Mr William Ogden, wee-
chairman of Chase Manhattan,
thanked the authors for their
judgment that his bank was the
best and used the occasion
yesterday to issue a call for
less “ regulatory overkill " from
Government bureaucrats.

“We at Chase believe that
the private sector rather than

Government regulators should
play a greater role in Ihe
development of disclosure stan-
dards,” said Mr Ogden.

He refused to disclose, how-
ever, the extent of Chase’s loan
exposure to Argentina or
Poland, saying this was a matter
of bank-client confidentiality.

Ban* Annuel Reports— Finan-
cial Times 1982 World Surrey,
269 pp. By Michael Lafieriy.
David Andrews and Mariyn
Taylor.

approve any because European
Community approval under
competition regulations had not
been received.

The go-ahead has now been
given and Mr Cyril Beavor. ihe
Department of Industry official
in charge of the scheme, said
all eligible applications would
now be granted. The logjam
would start moving This week.

No decision had been made
about calls for an increase in
ihe .scheme's fund.

Accountants
to scrutinise
atom agency
spending

6)) David Fiahlock. Science Editor

THE “efficiency and economy”
of the UK Atomic Energy
Authority are In he scruti-
nised by an independent firm
wf accountants, as part or the
Government's examination of
public sector spending, the
Energy' DcpuzJGiunt an-
nounced yesterday.

The UK AEA expects to
receive a parliamentary vote
uf £22lm for 1982-83. com-
pared with £2 18m this year
(of which it lias spent £2lH>m).

The total Income of Ihe
authority for 1982-S3 is esti-
mated at ~£414m, including
about £20m received from the
department for managing ilic
alternative energy research
programme (known as ETSU)
at Harwell.

The balance in ineome is
made np by work done, for
repayment, for both the
pnblie and private sector.

Peat Marwick Hitched and
Co lias boon asked jointly by
Ihe UK AEA and the Energy
Department to review the
efficiency and economy of tbe
operation.

Tbe authority said it would
not be investigating the* level
of tbe parliamentary vote, nor
the way money is distributed
among the various pro-
grammes.

An internal review of the
authority's research pro-
gramme — carried out by a
senior scientist at the request
of the chairman. Dr Walter
Marshal*— has already begun.

The Peat Marwick Investiga-
tion is the latest of several
such probes along similar
lines in (he public sector and
initiated by tbe Government —
including those into British
Airways (nearing completion),
British Rail (just starling)
and the British Gas Corpora-
tion.

BNOC and Arco in
Dubai gas discovery

' BY RAY DAFTEft, ENERGY EDITOR

BRITISH National Oil Corpora-
tion has .shared in a major
natural gas discovery in the
Middte East.

The find, in Dubai, is BNOC’s
first success overseas. The dis-
covery well was drilled by
Atlantic Richfield, operator of
the joint venture with BNOC.

AUantic Richfield said its
Arco Dubai subsidiary had dis-
covered “ significant " natural
yas and oil reserves with its
Nozwj -1 well in Dubai. The on-
shore well — Ihe first to be
drilled by the Arco-BNOC
partnership — rested natural gas
at a rate of 34.4m cu ft a day.
Condensate — vers* light oil with
a specific gravity of 50 degrees
API (American Petroleum Insti-
tute) — flowed at a rate of 2.330
barrels a day. The oil and gas
were found below 11,000 ft.

Dubai officials said further
drilling would be carried out to
delineate the extent of tbe
discovery- It was expected the
gas would be used in the Jebel
Ali port area and in the Dubai
Aluminium Smelting and Elec-
tric Company. It was also pos-
sible that some gas would be
exported.

BNOC holds a one-third
interest in the Arco drilling
concession which extends over
about 80 per cent of Dubai's
land area.

Slate-owned BNOC is trying
to build up foreign oil and gas
assets as an insurance against \
the day when North Sea produc-
tion begins to decline. These
assets will be included in
BritOil. the corporation’s ex-
ploration and production- busi-
ness which is to he offered for
sale to the public.

• Oil prices are expected to
rise moderately, though erratic-
ally, in real terms over the next
10 to 15 years- Prof Colin
Robinson. Professor of
Economics at Surrey University,
told conference delegates in
London yesterday. j

Such price movements would
continue to encourage fuel users
to shift from oil to other forms
of energy, he said at the World
Coal in the 19S0s Conference.
Little could he cx-pecied from
high-cost synthetic fuel produc-
tion over the next 15 years.
Renewable forms of energy,
though potentially very signifi-
cant in the Jong term, would
also make little contribution.

Car output
dropped
sharply
last month

Plea on energy efficiency

BY OUR ENERGY EDITOR

TH E Brit :sh Gas Corpora t ion
and area electricity boards
appear to be weakening the
Cnvem merit's energy conserv-
ation message, according to
leading industrialists.

Mr Nigel Lawson. . Energy
Secretary, said a survey of 94
secloi'* had shown that rhe
companies in nine industrial
promui ional activities of the
state-owned gas and electricity
indiiv'ries seemed to conflict
with the Government's energy
conservation campaign.

He wa> reporting on the
findings of a report from con-
sultants Armitage Norton who
were commissioned a year ago

! S

by the Energy Department to
look at energy efficiency within
British industry.

Mr Lawson told the Asso-
ciation of British Chambers of
Commerce in London last night
that only recently had industry's
emphasis on cost-reducing in-
vestment begun to approach
spending on product develop-
ment.

It was natural that the top
priority of most companies had
been the reduction of labour
costs, he said.

“ But as success is achieved
on that front I hope that energy
costs can and will be given the
same treatment.”

By Kenneth Goading,

Motor Industry Correspondent

CAR PRODUCTION dropped
sharply last month, according
to provisional estimates from
Industry Department.

Output of 65.00 cars was 2S.fi
per cent down from that
recorded in Apll last year
when 91.000 were produced,
arid well below the average
of recent months.

Serious

a serious dispute which stopped
Ford’s plant at Halewood on
Merseyside for a week was
partly' responsible.’

Ford said the dispute cost the
production of fi.Ttm Escorts.

Output of the Triumph Acclaim
and the Austin Ambassador
was also interrupted by a i
dispute at BL's Cowley. J
Oxford, plant last month.'

Even so. the underlying trend
of car ourput in April was
firmly down.

The April resulr set back the
toial for the year so far'and
after four months car irodue-
tion had fallen 4.5 per cent

from 396.0ft0 to 321.U00.

I Below average

Commercial vehicle output in
April was also below the •
recent monthly average . at
20.500 but in line with the
same month last year when
production of 20.600 commer-
cials was recorded.

For the first four months com- \
mercial vehicle output of l
90.100 was nearly 16 per cent
ahead of the 77.900 produced
in the same period of last
year.

But. as the department pointed
out last night, “this repre- .
sents an increase from a very
low level."

can smooth the way

lor yours.

Mamoun Dark;ually
(Manager-Middle Lost)

Mike Ruddy

(Manager- Corpur jic Finance)

At A1 Saudi Banque, our approach
to the Middle East is anything but one-
sided.

We’ve built our London branches
around British and Middle Eastern bank-
ing expertise.

So, on the one hand, you get a
real understanding of your home-based
business.

On the other, a specialist knowledge

of whats needed abroad.

We’ve also built up an extensive chain
of contacts in the Middle East Largely
through local businessmen who originally
helped found the bank.

This means of course, that if you’re
looking for a partner for a joint venture
or considering new areas of expansion in
the Middle East we’re well placed to advise
you.

At the same time, we can provide an
extensive range of banking services
including trade finance, project finance,
performance and advance payment
guarantees and foreign exchange.

MiddleEast developmentplans too are
currently offering considerable scope to
British companies. If you’d like to discuss
them or any of our banking services call
(01) 236-6533 and ask for Mike Reddy or
Mamoun Darkazally.

Al Saudi Banque

LICENSED DEPOSIT TAKER
City: 52-60 Cannon Street; London EC4N 6 AN. Tel: 01-236 6533 .Telex: SS13438 ASB G.
West End: 31 Bckdcy Square, LimdonWlX 5HA.Tek 01-493.8942.Telex:23875 ASBWU

n

10

. Financial Times ; Fri(ky. .May . 7 1982

UK NEWS - LABOUR

Pay rises of 6% for nearly lm

GOVERNMENT decisions on pay review reports
for dentists, doctors and the armed services, and
on the arbitration tribunal award on Civil Sendee
pay, mean increases of around 6 per cent for
nearly lm workers in the public sector— 2 per
cent above the Government target

The increase means that only one group of
public sector workers— the non-medical staff in
the National Health Service— is faced with a 4
per cent offer. Health unions now see their case
for a higher increase strengthened by yesterday’s
decisions.

Port faces
fresh

trouble Over

Arbitration Doctors, dentists miss full award

award for
civil

BY ELINOR GOODMAN, POLITICAL CORRESPONDENT

servants

By John Lloyd, Labour Editor

THE GOVERNMENT’S deci-
sion lo pay some 500.000
non-inri u*?t rial civil servants
the Hill increase specified last
month by the Civil Service
Arbitration Tribunal removes
the possibility — which the
Government kept carefully in
reserve — that the issue would
be referred to the House of
Commons.

Mr Barney Heyhne, a Trea-
sury minister, said yesterday
that I he award “ retained the
shape ” of the Government's
offer in giving higher in-
creases to people with longer
service.

It is the retention of the
" <=hane ” which has persuaded
the Government that it should
swrifow i»-, to k**rp

civil servants’ pay down to the
4 per cent floor.

The unions had claimed a
pay inrrc?se of 13 per cent
from Anril t for all non-
indnstrial civil «erranls or for
a rise of £12.50. whichever
was the creator. The Govern-
ment offered rises ranging
frnm zero to 5.5 per ce»/. with
the hicher increases going to
those with longer service.

The Arbitration Tribunal
recnp- mended Day increases
of between 4,75 and 6.25 per
rent together with longer
holida’-'s for the lower grades
— nn average increase or 3.9
per cent.

In accepting the award, the
Prime Minister made it clear
vesterdav that its rest will he
met. as far as possible, within
existing cash limits. These
limits were reduced by the
Chancellor in his Budget to
offset the redaction in the
National Insurance Surcharge
proposed for the entire public
service.

The revised cash limits
have yet to be announced.

Mrs Thatcher said in her
written answer: “It is only if.
later in the ypar, exceptional
difficulties arise in the case of
particular cash limits that
limited calls on the contin-
gency reserve may be con-
sidered”

THE GOVERNMENT has
decided once again to risk tile
wrath of the medical profession
and the members of the review
horty on doctors' and dentists’
pay by refusing to implement
the full rise recommended for
the second year running.

It has rejected the hoard's
recommendations that doctors
should be compensated for the
cutback in the recommended
increase last year by getting a
larger increase this year than
would be justified by other
factors:

Instead, it is once again
limiting the average increase to
6 per cent.

In its report published yester-
day the hoard recommended
that doctors and dentists
should get an average of 6 per
cent above the increase the
hoard recommended last year.
But since the Government cut
back last year's recommended
increase by 3 per cen this
implied a rise of 9 per cent this
year.

Th Government said yester-
day however that it was not
prepared for this element of
catch-up at presen add that
doctors' and dentists’ pay would
be increased bv an average 6
per cent on current levels with
effect from April 1.

Within this 6 per ceht
average 'there will be quit©'
large variations, with some hos-
pital training grades getting as.
much as 8.2 per cent.

Details of the proposed scale,
which the Government said
would " follow the relatives "
recommended by the board, are
to be published shortly by the
Department' of .Health_ and
Social Security..

The board recommended that,
within the ; broad 6 per. cent,
increase over last year's recom-
mended- level, some grades
grades- should get much bigger -
increases than others.

It sard junior -hospital doctors
should get rises ranging from
6.3 per cent to 8 2 per cent
while all other groups -should
get increases of between 5.3 to
5.9 per cent.

The board costed its recom-
mendations at £9m a year on
the basis of 1981 staffing levels.

In the introduction to its
report the board stressed its
“ deep concern " over the
Government’s decision last year
to cut back the recommended
increase.

" We consider it vital that we
operate and are seen to operate
on a truly independent basis.”
is said. -

The review body said that
special considerations- should

apply this year to the case of
.junior hospital doctors. A
survey carried out for the board
by Offic of Manpower Economics,
covering about 900 junior hos-
pital doctors and dentists,
showed that the doctors in the
sample, were on -average coih
tracted for 88.8 hours a week
anti spent au average . of 83.8
hours on duty._When on duty,
average hours worked were 55.3
hours.

The board rejected the pro-
posals for payment of hours
beyond 40 per wek put to it by
the representatives of junior
hospital doctors.

- Nevertheless it said the
results of the OME survey con-
firmed the “ continuing incidents
of excessive hours of duty and
of work by some junior doctors.”
It said it believes the efficiency
of the service ~ provided . to
patients would “remain seri-
ously at risk” as long as this
situ ai ton persisted.

Had the Government accepted
the recommendations in full,
general practitioners would have
received an average net pay of
£19,500 from the beginning of
April. General dental prac-
titioners would have had a target
average net income of £16,880.

The recommendations would
have giv«n consutlants a scale
ranging from £17,830 to £22,870.

Tories keep pledge to Services

BY IVO DAWNAY, LABOUR STAFF

THE GOVERNMENT yesterday
stuck by its manifesto commit-
ment to implement pay awards
recommended by the Armed
Ser rices Pay Review Body by
accepting increases averaging
6.1 per cent for Britain's 340.000
servicemen.

However, the Review Body’s
recomcndations vary greatly
from rank to rank. Salary in-
creases for officers range be-
tween 4.5 per cent and 8.9 per
cent: for warrant officers and
senior NCOs between 5.6 per
cent and 7 per cent; while in-
creases for corporals and lower
ranks are hetween 4 per cent
and 5.8 per cent.

A brigadier’s salary will rise
from £20.900 to £22,750. A
second lieutenant will receive
a £299 rise taking his pay to
£6.249 a year. The highest pay
for a private goes up from
£4.960 to £5.212.

All rises will be backdated to
April 1.

'"But' pay increaibtf^fbr aH
ranks will be reduced by in-
creased food and housing
charges.

The current food . charge ' of
£lL69-a week is to rise by 13.2'
per cent to £13.23 a ' week.
Accommodation charges' for
married servicemen Increase
from £386.90 to £448.95 ftr the
lowest ranking groups and
from £1.485 to £1.850 for the
most senior officers.

Single servicemen are to pay
a £36.50 accommodation in-
crease taking annual rates to
£182.50 while single officers of
the rank of Lt Colonel and
above will pay £762.85 — a £73
increase.

For the first time married
servicemen unaccompanied by
a wife and family will pay a £5

a week food charge.

The review body says the
"armed services are “generally
up to strength.” The number
of servicemen wanting to leave
the forces early is now lower
than at any time since the end-
. in? nf National Service.

■ All pay rates for members of
the' -armed forces take into
'account (he X factors com-
pensatory payment for the
aspects nf service life which
differ from those enjoyed by
civilians.

Servicewomen this year are
having their X-factor rate
boosted by 2.5 per cent to cover
their increased use in opera-
tional headquarters and the
newly introduced firearms train-
ing.

Overall, the pay awards are
unlikely to be popular with
armed forces personnel — par-
ticularly the lower ranks.

job cuts

By Our Labour Staff

THE PORT of- Southampton is
set to be plugged back to (be.
labour troubles whfcb disnrpted
it for 10 months last year, .'

Port employers , say "serious
job losses'" by their staff are:
now almost inevitable After the
breakdown yesterday of 11th-
bour talks aimed at settling a;j
dispute about shortages of for©:
men.-.. -. - : .

The breakdewivname -a&grLa
day of negotiations. It means
employers might now have little
choke but to implement their j
threat to curtail cargo-handling
by reversion to single-shift
working by 6 am tomorrow.

The threat was made m an
attempt to force- a~selotkm-of-a
long dispute over the dockers’
desire to share formen’s work
daring shortage.

This week; -it was disclosed
that the port’s state-owned
operator,, the British Transport
Docks Board— which . lost - morej
than £23m last year through
labour . disputes-^had warned
unions that it would have > to
cut 1,550 posts, including 800
dockers’ jobs, if no agreement
were reached ■

It' is believed local manage-
ment has be en to l d that- the
board will no longer be prepared
to subsidise the port’s losses.

All parties broadly' 'accept
the solution of temporaryvfore-
men being appointed from .the
dockers’ ranks but there has
been, great. : _diffi gully *»ver
detail •

The seriousness of the crisis
in the port ' has been under-
lined by the news that eigHt
ships are already due to- use
other ports over the next week.

Environment

conservation

• The Duke of Edinburgh will
be prin cipai "speaker — at - - the:
Council for Environmental Con-
servation's first members’ con-
ference next Tuesday.

He will speak on world con-
servation strategy to an audience,
representing conservation bodies
-front -all over the Country. The
straegy is aimed at encouraging
governments and industry- tn
take greater account df-the need
for conservation.

Health service staff likely

BY IYO DAWNAY, LABOUR STAFF

THE NATIONAL and Local
Government Officers’ Associa-
tion is authorising its 100,000
National Health Service mem-
bers to'- be^n^mdnstrial action

from -Monday.

NalgOrsaid the aim was- tot re-
duce the MiSifftemteSeocifis-
only within four weeks; It would
act in cohcert J .wi£h other TUC-
Unions. ‘-jc

•. • The TTTC fcealtii . sprykes cbm- -
suttee meets: on Monday to de-
cide on industrial- action against
pay .offers 'af : between - 4 and 6A..
per ce^l^^askBos!: common:
claim K,f or .12 per ^ v

Naigo said its ’actibri .
take .various .fonbs, * including
meetings -in : work - time, *apd ait
overtime ban and wtirk-tb-mle.
-Its inembezsihclnde admin istra*
tors, paramedfcaT staff, nurses
and technicians. * - .r'

The National Union of Public
Employees is expected to report
that an overwhelming majority
of its 300,000 health -service:
members-’, .. Jfhsrabc. ; industrial,
action over pay at a meeting Of
its executive today.

Action is alre ady being taken
by the 235.000 NHS members of
the Confederation of Health Ser-
vice Employees.' It is likely to
ordet^ih escalation nest week,
Mr Albert Spanswick, general-
secretary, said yesterday. ; ->

The union has called a- meet-
ing of its national executive
committee next Wednesday to
review- the effects of its

it'f - »

to cover for absent senior staff.

New measures likely to be
considered by the executive
could include a boycott of local
committees planning the re-
organisation of the health
service, a ban on the transfer
of staff between departments
and a refusal of members to
accept any closure of hospital
units.

- Gohse r l^ader. ' Albert Spans: “
wick: warned-, of low pay ,

campaign, launched last week
far i 12 per cent pay rise.

-.Officials., believe 'i that the
•high level of support already
shown fgr^nte-cgmpa jgni conr
bined ; with the Government’s
continued refusal to increase its
4 to 6.4; per cent pay Offer, will
persuade the ' executive to
increase, the pressure. f ;
Industrial action ! already

taken

-over -fjQftJoLU&e.

union’s i! 800 branches has
included two-hour selective
stoppages, bans on non-
emergency admissions to
hospitals and members^ refusing

The executive may also con-
sider a national work to nzfe
and withdrawal of co-operation.
However, Mr Spanswick
^reaffirmed yesterday that every
,tempt would be made not to
jeopardise patient care.

The v executive will draw up
its proposals after hearing the
- outcome— of a TUC Health
Services Coszmtittee meeting on
Monday. The 14-union com-
"puttee is expected to announce
detailed plans for a co-
ordinated campaign of action
throughout tfce NHS to be
launched shortly. ■

But Mr Spanswick said
yesterday that whatever the
decision of the TUC committee
Cohse would continue its
action. Presenting a' pamphlet
on IqJv pay in the ■ NHS, he
daimdd that more than 400,000
baa kljL service— staff . earn less

than $82 a week — the point at
wtiicty family income supple-
ments are paid by the Govern-
ment, to families .comprising
two adults and two children.

London bus strike set
tor Monday morning

BY. BRIAN.: GROOM, LABOUR STAFF

RUSH HOUR bus/ services in
London will he disrupted on
Monday morning by a one-hour
strike. Drivers -and conductors
will stop work between 7. and
8' am in protest against job
losses and service cuts.

Leaders 67 the Transport and - ;
General Workers’ Union warn- "
that they are likely to .call
further one-hour strikes, with-
out notice.

The • TGWU is opposing
service cuts which * London
Transport -'wants ' to : introduce
following ffie Law Lords’ ruling
against cheap fares financed by
large Greater London Council
subsidies.

< Maintenance engineers oj?l3F
have also started a work-to-mle
arid overtffhe ban. /

Londqji Transportsaid: “We
very much regret. .£ne decision^
to take this action, which will
inconvenience y the travpSfing
pahtfe^r^^ articulariy ^difficult
time." ,

It said it needed to cut bus
services in ^July following the
Law Lords’ ruling, and because
of^th'e" considerable decline in
passengers.

LT said it was taking steps
to make the new services more
reliable, and was doing every-
thing possible to make staff sav-
ings by natural wastage

Countymay
use private
contractors

finandal Times Reporter

SIJpEOLK County Council is
considering handing over four
of its social services to private
contractors. But unions involved
were assured yesterday that
they would be consulted before
a recommendation is made.

A review panel is looking at
school meals, road maintenance,
residential care for the elderly
and the council’s in-house
printing service. The council
wants to compare the cost and
efficiency of the private sector
with the service provided by
local authorities.

Tebbit firm in opposingMSC proposgi^Alan Pike reports

Youth training rebels bnusttose benefit’

The unique role oflife assurance
becomes especially valuable

In the 1981 Annual Report
the Chairman, Sir Douglas-
Morpeth, TD F.CA.,
referring to the economic
recession, emphasised, that
“it is in times like these that
the unique role of life assur-
ance in providing financial
protection and cficotu'agitig long term-savings becomes
especially valuable ■*

Clerical Medical has long been one of the leading
mutual life offices, in terms of investment record and
financial strength. We seek continually to improve
our existing policies, to introduce new ones where
appropriate and to maintain our high standards of
service. 19S1 was certainly no exception.

- . CouerGioice is our new
temr’assurance contract
which offers the option at
regular intervals to renew,
increase or convert the life
assurance protection.

Our Selective Pension Plan
is suitable for the individual
employee and for small groups of employees, and
has extended our range of pension plans.

Increased ordinary life premium income
Our strength in the highly competitive life
assurance market undoubtedly contributed towards
a 32% increase in new ordinary life annual premium
income. Our long term assurance fund has sub-
stantially increased over the year to a new record of
£734 millions.

Increased services

At the beginning of 1982 we introduced our new
Managed Funds service. The early response suggests
that this nmtisedinvestment management service, to
which a dminis trative services can be added when
requiredj is proving attractive to new as well as to
existing clients.

Increased Intermediate Bonus
On 1st January 1982 we improved the effective rate
of intermediate bonus paid on claims by introducing .
annual instead of triennial compounding. Thelast dec-
laration of bonus on a triennial basis is due as at the end
of 1983. Thereafter we shall declare bonuses annually.

Qm Pension Fund Mcmagements&wcehBS established
an outstanding investment performance record and
there are now 24 funds under managementtotalling
some j£130 millions.

°TheSodety isfimfy committed to the greatest possible
freedom in tke life assurance industry, but only within die
guidelines agreed in thepublicintemt by the life Offices 9
Association andAssoaatedScottisItLffe Offices?

A copy of this 1951 Repdrrand Accounts is available an request

Increased range of products
During 1981 we introduced these new policies and
pensionplans:-

CM

&G

Clerical Medical

& General Life Assurance Society

Childs Majority Plank our improved child’s
deferred assurance policy, which helps provide for
the future needs of a child

Telephone: 01-930 5474.

Bristol Head Qffux:Narrow Ham, Bristol BS2 0JH.
Telephone: Bristol (0272) 290^66. -

TwcfltrrrrrT*^* ‘Enfllapd hyAarf &ffiamrnr wiAlmnteff laHByyag93.

THE GOVERNMENT had no
duty to provide young people
Who refused to join training
schemes with taxpayers’ money
“as an incentive for them to
opt out of workine life." Mr
Norman Tebbit. Enroloyinent
Secretary, said yesterday.

He told the West of Eneland
En«nneering Employers’ Asso-
ciation at Bristol that the
Government did not think it
justifiable to provide suonle-
mentarv benefit to 16-year-nlds
in their own right, and had
announced that it would end in
1983.

. The issue of whether unem-
ployed 16-vear-olds who decline
to take port in the prnnosed
new Youth Training Scheme
should he denied supplementary
benefit has emerged as the cen-
tral no»nt of contention between
Mr Tebbit and representatives
of industry and education on the
Manpower Services Commis-
sion.

The members of the M SC have
unanimously recommended to
the Government that young
people who are not prepared to
join the year-long programme of
training, work experience and

further education — which i s to
be introduced for the young un-
employed in September. 1983 —
should still qualify for benefits.

But Mr Tebbit stressed yester-
day that, if some young people
were to choose not to take part,
that would be their own decision.
“Supplementary benefit is a
safety net for those in need, for
whom the State needs to pro-
vide. It will remain for special
groups, such as those disabled
young people who are unable to
benefit from the guarantee of a
training place. It is not meant
to be a mattress to support those
who prefer opting out."

The Government signalled its
intention, to introduce legisla-
tion to prevent 16-year-olds from
qualifying for . supplementary
benefit in their own right, in the
New Training Initiative White
Paper, published in December.
It would be the responsibffay of
the Department of Health and
Social Security, rather than Mr
Tebbifs department to come
forward with the leigslation, and
no decision on the timing had
been made. Some supporters of
the Youth Training Scheme
would like to see the whole

the sort of views expressed by
Mr Tebbit yesterday. The MSC.
for Ms part, is convinced that
reluctant recruits would
-approach the new training
"scheme in a wrong way.

Employment Secretary.
Norman Tebbit

question deferred for a while,
to facilitate a calm atmosphere
for the launch of the scheme
next year.

It appears, however, that Mr
Tebbit and his critics both feel
at present that they can get
the better of the argument
Employment ministers believe
there will be public support for

. The argument is about a com-
paratively small number of
young people, but it is a highly
emotional one in the trade
union movement The evidence
of the existing Youth Oppor-
tunities Programme is that
many young people are enthu-
siastic about taking part. This
is particularly apt to remain the
case if, as seems likely, Mr
Tebbrrt accepts the MSC's
recommendation that partici-
pants' allowances through the
new scheme should be £25 per
week— some £10 more than
would be available as supple-
mentary benefit.

Mr Tebbit stressed yesterday
that the "bedrock or founda-
tion" of the new training
proposals was agreed between
all parties. But there were a
number of matters that required
further consideration, such as
funding in the longer term, and
the availability of sufficient
sponsors to provide training

Post workers warn of new technology threat

BY OUR LABOUR STAFF

THE restoration of full mono-
poly sterus to the Post Office
and British Telecom, the poten-
tial dangers of new technology
in the Post Office and renewed
calls for amalgamation with the
Post Office Engineering Union
are . the mafri -i t e ms — on - the
agenda for the conference of
the Union of Communication
Workers.

Ten motions and amendments
to the annual report calL-on a.
future Labour Government' to
restore immediately the: Tete-.
com monopoly. Another six
call for an end to all private
contract cleaning in the Post

Office. Two other motions call
for a surcharge on equipment
sold to private telecommunica-
tions companies . and* for frill
support for any unions that take,
action against the private tele-
phone network planned by the
-Mercui^ consortium. .. .. ...

By tradition the union is to
the right of centre. It has about
085.000 members in . the Host .
Office and- about 10,000*— mostly
telephonists-^t British -Tele-
com. ' • ■. - . . . , i

. Hie union .was strongly
ogppsed to^ the division of the
Post Office and Tefecom. 'Th'e
15 motions that seek amalgama-

tion with the main Telecom
union, the POEU, reflect a de-
sire that trade unionists should .
not follow the adm inistrative,
example. , The' PIEU ' does not
see full amalgamation as such-a
barbing issue. Many ’of the
amalgamation motions also caU.
for an. end to talks wife the "
main union of postal executives.

A- number, of motion? and
amendments to the. annual- Ye-
.port warn of the effects’ 7 , of
mechanisation over .the next
five' years.’ There are caBs for
a .comprehensive report on slich
effects, and a' ffir§at"bf^n'0n-
co operation unless the new tech-

nology is introduced with a 35-
hour, five day week.

A demand that the union con-
sider industrial action to resist
all:- compulsory redundancies
occurs in five motions. The
issue, of differentials between
rank-and-file and supervisory
grades is taken" tifrin another
nine.

• The executive of the POEU
is circulating branches with an
instruction to the union's
130,000 members not lo make
connections between the public
telephone system and the pri-
vate network proposed by Mer-
cury.

THE SIGN OF A UNIQUE INVESTMENT

&>, -yj..

Telephone or write to
Alexander Jones,
Managing Director
Bede Securities limited,
3 St. James's Square,
London SW1Y4JIL
Tel: 01-930 5064
Telex: 261250 Bede G.

Futures Fund Management

v.

\

yi/lerzario

ANDREAJ^ERZARIO ltd.

LONDON; Burrs! House; 44 Broadway- Stratford E 15 Tel. 5348080 Tefex £98467

BIRMINGHAM: 3 Broadway, Broad Street Tel. 6439491 Tetex336804

DOVER: Western Docks Office7-9 Transit Shed B-Kent Tel. 211430 Telex 965720
FEUXSTOWErTrealawny House -The Dock-SuffoUcTef.703B1 Telex9675l8
HARWICH: 14-18 East Dock Road Parkeston Quay- Essex Tel. 7641 Telex 98534
MANCHESTER: York House- York StreetTeL 2360504 Telex 66B53S

Merzario T s history has been one of constant and timely
adaptation of equipment and organisation to meet new demands
and opportunities in the field of international transport.

We began as freight forwarders and for decades confined
ourselves to this specialised field as a service company..

The first important change came in the 1960s when Merzario
entered the world of international land.transport Butthe real turning
point followed the transport revolution of the 1970s prompted
by a totally new concept: the large scale use of containers.

So, as well as freight forwarders and overland carriers, we became
shipowners by also assuming direct control .of marine transport.
Intermodal door-to-door transport was born and a modem
and entirely new service established by investment in vessels, port
terminals and large fleets of container and semitrailers.

This required radical changes in our operational
and financial structure. .

flit*' 0

35,

st° r .U

. uhh*
■ A f-

> G ’

a ria fl

Merzario today:

- a fleet of 18 vessels, 7 of which owned

- 53,000 containers, 23,000 of which owned
- 1 ,300 semitrailers entirely owned .

- a fleet of 1 20 entirely owned heavy lift vehicles ■

- our own intermodal operative centre in Milan is amongst the
largest and most modem in Europe. ■ ■ •

Merzario evolved from a simple “service 1 * company to an
organisation promoting initiatives on a truly industrial scale and

this has meant a considerable development - ■"

Turnover of Andrea Merzario S.p.A. in 1981: 507 Billion italian lire
Merzario Group employees: 3015 . " - -

29 Italian branches . . .........

19 overseas companies . . . . . -

54 overseas branches v

Investments of Andrea Merzario S.pA as at the end of 1981:

116 Billion italian lire

From a service company to a
service industry

n

>

12

Financial Times Friday :May 7 1982

UK NEWS -PARLIAMENT and

' $

CEASEFIRE MUST INCLUDE ARGENTINE WITHDRAWAL FROM FALKLANDS, SAYS THATCHER Lloyds SCtS IMWEFtlS fOFCC&StS

!«

Cabinet response to UN ‘positive’

i BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT

up inquiry
into Qantas

imminent recovery

BRITAIN IS making a positive
ftspoose to the latest proposals
-ef United Nations Secretary
General Sr Perez de Cuellar for
a peacr-Iui settlement of the con-
flict with Argentina, the Prime
Minister told the Commons
yesterday.

If Mrs Thatcher said the Govern-
■jlnent accepted these proposals
as a framework for more

..-detailed negotiations.

In addition, she said. Britain
-bad made a “ very constructive
Response to the U.S.-Peruvian
-initiative on the Falklands.”

!-.# But despite the renewed
-peace efforts Mrs Thatched did
Allot believe there had been a
change in the diplomatic climate
-.in the last few days.

, „ Repeatedly she emphasised
: that Argentina was the
-/aggressor, and that there could
jb'e no ceasefire unless it was
-.accompanied by a withdrawal of
^Argentine forces from the Falk-
land s.

, r Britain was continuing its
^military activities. To do
fcfltherwise, she stressed, would
allow Argentina to build up its
own forces in the area.

“The important thing is we
must get the Argentines off the
island, where they are still in
.occupation, and if the United
Rations cannot and if the
'negotiations cannot then we
‘'would have to,” Mrs Thatcher
TzecJared firmly.

‘••Mr Tom Cox (Lab Tooting)
0 Called on the Prime Minister
1! rb give a clear undertaking that
Pfh-itain would not bomb the
''Argentine mainland.

Mrs Thatcher gave a lengthy
-‘teply to this, but noticeably
failed to give any such
; assurance.

•tf 1 - As on Wednesday the House
■'was in a fairly restrained mood,
'-'dlthough there was some
barracking of Mr Michael Foot,
the Labour leader, by Tory
“Tight wringers.

Once again Mr Foot pressed
'the need for a settlement
; through the United Nations. He
5 thought Mrs Thatcher bad
• given a positive answer, and he
j welcomed the tone of her
; response to the Secretary

3Irs Thatcher expressed concern over file fairness of TV
and radio reporting of the Falklands conflict.

Many people were very concerned Indeed that the case
for “onr British forces” was not being put over fully and

effectively, she said. ■ ‘ ■ 4 ..

There were times when commentators were treating
Britain and Argentina on an equal and almost neutral basis.

“ if this Is so it does give offence and causes great emotion
amongst many people,” she said.

Her remarks brought a shout of M sounds like censorship
to me,” from Mr Dennis Skinner (Lab, Bolsover).

General’s latest moves.

He thought there seemed to
be a Teal chance of moving
towards a ceasefire and a real
peace settlement. Everything
should be done to nurture this,
and nothing should be done to
injure it

Mis Thatcher assured him the
Government was doing every-
thing possible to pursue the
diplomatic path to a negotiated
settlement She hoped to hear
more later in the day about the
U-S.-Peruvian plan, but it was
not known whether Argentina
would respond.

There had been rather con-
flicting reports about the Argen-
tine response to the UN plan.
It seemed clear, she said, that
while the Argentines were very
interested in a ceasefire they
might not accept withdrawal of
their troops. They might want
to do it on a totally different
basis and might require under-
takings on sovereignty.

“It would not be impossible,
indeed it may well be likely,
tbat the Argentines are con-
centrating on a ceasefire with-
out withdrawal.” she went on

“That would be a very evident
ploy to keep them in possession
of their til-gotten gains. We are
right to be very wary of it.

‘The whole of mandatory
Resolution 503 has to be
accepted. There can be no
ceasefire unless it is accom-
panied by a withdrawal which
is fully and properly super-
vised.”

In a second intervention Mr
Foot wanted an assurance that
there would be no deliberate
escalation of the military action
that might injure the prospects

of a peaceful settlement

Mrs Thatcher told him that
the UN proposals were very
much a framework. There were
no specific details attached, no
timetab le, and no practical /
arrangements for their imple-
mentation. They ware really a
basis for discussion. Neverthe-
less, (they did link cessation of
hostilities with an Argentine
withdrawal.

It was not justified, she
thought, to suggest that there
had been a change in the diplo-
matic climate. She reminded -
MPs that the present. UN pro-
posals were the sixth to be con*
sidered-

The Prime Minister went - on:
“I do stress, again that the
proposals, if they are to be
acceptable and command con-
fidence, must be precise as to
the tuning and the sequence
and verification of events.”

“ That is the kind of govern-
ment we are dealing with.”

She reminded Mr Cox that
there had been an escalation by
Argentina ever since the inva-
sion. Meanwhile our own people
on the Falklands remained

business m Welsh economy

By }ohn Moore, Oty
Correspondent

BY IVOR OWEN

0 T-^ I W

under what Mr Foot bad called
the “brutal and foul aggres-
sion ” of Argentina.

“ We must continue with our
military activities. It would be
all too easy to say ‘end mili-
tary activities.’ but what would
happen? We wyuld be ham-
strung.

“Our people would still be
under the -heel of an invader
while the Argentines increased
activities on the mainland, in-
creased supplies and reserves
in order to attack us at their
will. That must not happen.”

‘ MS'

Mrs Thatcher leaves Downing Street for Prime Minister’s
Question Time in the Commons

-J-

it

mi

Government raises project
grant levels for industry

MPs to vote

BY JASON CRISP

on capital
punishment call

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THE GOVERNMENT yesterday
increased the maximum level of
grants to industry for research
and development projects. It
hopes this will encourage corn-
parties to bring forward plans
to initiate new products and
processes and reinforce the
hoped-for improvement in the
economy.

The maximum grant is being
i Increased from 25 per cent to
one-third of the project costs on
all applications received from
yesterday onwards. The new
rate will apply for one year, said
I Mr Patrick Jenkin, Industry
Secretary. He was speaking to
members of the Society of
British Gas Industries.

There is a strong hope in the
Department of Industry that a
considerable part of lie grants
will be used in developing high
technology products. The grants-
ever, can be given for the de-
veTooment of more basic pro-
ducts.

The Dors budget for scienti-
fic and technological assistance
has now ben increased to £260m
— a growth of 50 per cent in
real terms in four years.

The increased cost of the
grants' is being met from the

extra £130m the Dol received
in the Budget to develop high
technology. It will mean' in-
creased expenditure in fields
where the Government is
already allocating money to en-
courage the development of
information technology.

These include fibre optics,
robotics, computer-aided design
and manufacture i CAD/CAM),
space technology and micro-
processor applications.

Most of the grants are made
under the Product and Process
Development Scheme (PPDS)
and the Microprocessor Applica-
tions Project (MAP). Where a
scheme is “innovation linked.”
grants of 33J per cent will also
be available under Section 8 of
the Industry Act 1972.

The Dol now gets 40 to 50
applications a month through
PPDS and 30 to 40 under MAP
more than double the level of
a year ago. The Government
has budgeted £145m for indus-
trial research and development
grants this year, compared with
£90m last year.

The department has also
found a growing number of
smaller companies applying for
the grants.

MPS ARE to have another
chance, to vote on banging, Mr
John Biffen, Leader of the Com-
mons, . announced yesterday.

The debate will take place
next Tuesday, during the Report
Stage of the Government's
Criminal Justice Bill — pro-
vided business is not inter-
rupted by the Falklands crisis.

Mr Biffen said the Govern-
ment would pave the way for
capital punishment to be
debated at the end of the day
to enable MPs “to come to a
decision on these matters.”

New clauses on capital punish-
ment have been tabled by Tory
MPs Mr Vivian Bendall (Ilford,
North) and Mr Teddy Taylor
(Southend East).

They propose the death
penalty for terrorism involving
loss of life, for murder of
police and prison officers, and
for murder committed in the
course of robbery, and for bur
glary involving the use of fire-
arms.

Mr Biffen’s announcement
came during business questions
after Mr Michael Foot Opposi-
tion leader, had asked whether
the new clauses would be
debated.

LLOYD’S of London has
mounted a top level inquiry
into allegations of irregulari-
ties in the renewal of the
aviation insurance business <rf
Qantas, Australia's national
airline.

The background to the in-
quiry, which began last week,
was given bylieyd’s chair -
man Mr Peter Green to a
Lords select committee yes-
terday. The co mmi ttee is re-
viewing the Lloyd's BS2,
wftieh is designed to Improve
the insurance market's self-
regulation.

Mr Green told the commit-
tee, chaired by Lord Nugent
of Guildford, that he had re-
ceived a complaint on March
29 from toe chairman of toe
Lloyd's Underwriters Avia-
tion Association.

He felt; Mr Green said,
that there had been irregu-
larities and other actions in
toe . renewal of toe Qantas
fleet’s insurance which had
not been in accordance with
tire -high standards of the
market. He asked for the mat-
ter to be investigated.

Mr Green saw Alexander
Howden and Bain Dawes, in-.
wi w n ^w» brokers involved with
the account, and various un-
derwriters.

“ I had their foil co-opera-
tion,” he said.

He said It was alleged that
Alexander Howden, as brok-
ers, had made a “desk quote”
for the account, whereby a
broker quotes on business
without consulting an under-
writer.

Mr Green said Howden had
given toe name of an under-
writer to Qantas. But toe
underwriter later denied that
he had had any discussions on
toe business and at the tone
had been away on business in
Am erica. The lack of consul-
tation “was very serious,”
said Mr Green.

“I decided that there
should be a full inquiry,” be
told toe committee.

Mr Green’s disclosure came
during cross ex amina tion by
Mr Bobert Alexander, QC,
representing a group of
Lloyd’s interest which are
opposing douses in the legis-
lation granting a Lloyd’s
Council legal immunity from
suits for damages.

Mr Alexander questioned
Mr Green on whether the
Committee of Lloyd’s had ever
shrunk from its duty to take
action against members of the
market even though it was not
protected by immunity Mr.
Green agreed that the Com-
mittee had not.

Earlier, Mr Francis Wetzel,
a US. insurance specialist and
an underwriting member of
Lloyd's told toe committee
that he was aware of abases
in the market.

Mr Wetzel, appearing for
Lloyd's said he was aware of
an Incident 15 years ago where
extreme pressure had been
put on an underwriter by a
broker to lead toe insurance
of a particualr risk. The
underwriter was forced to
resign.

Mr Wetzel told the com-
mittee he wa<? in favour of
legis ation which will reouire
insurance brokers to sell their
shareholding links with under-
writing agencies, the group's
which run underwriting
Syndicates.

The market would be better
for it, he said.

WALES CAN soon expect to
begin to share in the wider
improvement- which . is becom-
ing increasingly apparent in
the British economy, - Mr
Nicholas Edwards,' Welsh Sec-
retary, told the Commons last
night

He looked forward to “major
new expansion projects ” in the
coming months,, but warned

"i

that during the same period,
particular localities are likely

particular localities are likely
to be hit by fresh redundancies
arising from r^onalisation dr
closure plans. •>

Mr Edwards announced that
toe Welsh Development Agency
is to set up a new subsidiary ^
company which will- offer
mainly equity finance to small
businesses;

FuU details would: .. be
announced next -month.

It was intended that the new -
company would be able to offer
a readily identifiable package
of investments in a fairly
standardised form together
with a simplified procedure for
application and assessment.

Labour MPs were un-
impressed, and subjected the
minister to a persistent barrage
of protests for failing to
announce immediate measures
to counter the steep rise in
unemployment which had taken
place since the Government
took office three years ago.

Mr Alec Jones Labour’s chief
spokesman on Welsh affairs,
blamed Government policies for
the reversal of toe falling trend
in . unemployment, which had
marked the final period of office
of toe last Labor* government
and stressed that one in six of
the working population of Wales
was now on toe dole.

Mr Edwards pointed to toe
growth in private investment as
one of toe most encouraging
features: .

He accused Labour MPs of
ignoring “ good news ” ' and
claimed that toe increase in
private investment which had
taken place between 1979 and
1981 had been stimulated by the
oportunities seen in the new
technologies and by toe very
sharp increase in company
profits.

He also took comfort from the
fact that, despite toe substan-
tial restructuring which had
taken place m basic industries
previously' of exceptional
importance .- to Wales, the
increase in unemployment since
1979 had still not been as great
as in toe country as a whole.

" Mt Efrrards also disclosed
that Wales is . among toe areas
under examination -.by the
Mercury consortium, the private
enterprise organisation which is
to compete with British Telecom

Edwards: major new projects

Jones: one la six on the dole

in providing communications
services for industry.

' “I have recently met with
senior management of Mercury,
and we discussed the possibility
of an early link-up of Welsh
industrial areas with their new
system.” he said.

Mr Edwards stressed that toe
importance of telecommunica-
tion links had been highlighted
by the decision of the Chemical
Bank to move its “European
back-room ” operations to
Cardiff.

Mr Jones maintained that the
rising unemployment in Wales
caused widespread feelings
of "hopelessness aid fear.

There was rear among toe
diminishing band of those lucky
enough . to be still in employ-
ment. but their jobs would be
the next to disappear, he said.

COMMONS

Monday: Northern Ireland Bill,
Second Reading; Land Compen-
sation (Northern Ireland)
Order; Probation ' : ’ Board
(Northern Ireland) Order. ■
Tuesday: Criminal Justice Bill,
remaining stages; -Town and
Country Planning (Amend-
ment) Regulations.

Wednesday: Criminal Justice
Bill, remaining stages. -
Thursday: Criminal Justice
Bill, remaining, stages, opposed
private business.

Friday: Private Members’ Bills.
LORDS

Monday: Local Government
Finance Bill, Committee Stage;
Social Security and Housing
Benefits Bill, Committee Stage.

Tuesday: Oil and Gas Enter-
prise Bril Committee Stage;
Social Security and Housing
Benefits Bill, Committee Stage.
Wednesday: debates on prob
f.ems of world population and
difficulties of bringing up child-
ren; Children’s Homes Bill,
Second Reading.

Thursday: Land Compensation
; (Northern Ireland) Order, Pro-
bation Order (NI) Order; Local
Government Finance Bill,
Co mmi ttee Stage.

Friday: Fish Producers Organi-
sations (Formation) Grants
Scheme; Hovercraft (Applica-
tion of Enactments) Amend-
ment Order; Town and Country
Planning Regulations; Food
and Drugs (Amendment) Bill.

23 Beriidey Square MayfeirLondonWIX SAL
IfelephoDfi 01-629 9050

BEDFORD BUSINESS MEANS:

You're

never for from

a dealer.

".••7 V*

Next week in parliament SSCO

m

ts
erv

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'n 'ir oa-i. t

/-.a**.

•• ::i

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.... ■-

The man who makes better and better engines

DAYJtp F1SHLOCK, in the first of six profiles,
of engineers whose decisions wifl help shape
large tracts of British industry for the 1990$,
talks to Alan, Newton, Rolls-Royce’s director
of engineering. .

“The bf-sl engineer in the
vomnasy " is how Sir ’ Siaaiev
HQDkcx qS Rolls-Royce,;. the
. genius ./behind the Pegasus
jurap-jet engine, regarded Alan
NtJwion.r Lord HcFadzean, -the
chairman, acknowledged ihe
wisdom of this observation by.
making Newton director re-
sponsible JTor engineering on
the board of 7 RplbrRoycc in.
1980. .

For one of Britain’s top-rank
engineers, Alan Newton main-
tains. 3 .' remarkably law public
profile.- • . Untike. Hooker, his
name is associated with no par*
cicular engine. Yet. except- Tor
brief ext-ursdoris- into cars and
guns,. 'his - career since 1637 has
been devoted to . the entire
spectrum ' of ROHs-Royte aero-
engines, , from the war-time
Merlin to the RR 211 and RB
109 engines, which sell - for
f: ; Jm apiece.,

Newton's reputation — like
that of Rolls-Royce itself — ■ is
founded not on inventing, new
kinds of engine but on making
engines belter than anyone else. .
Ke graduated from Derby Tech-
nical College -*n 1943 with firsts
class honours in engineering..

- Today, at 60. he manages an
engineering function accounting
foE- one-tenth of : thel corporate -
payroll; more than 5,000, in-
cluding the greatest concentra-
tion -of qualified staff in the
company. The company's-
technical expertise ultimately
reports- to- me." . . -V

The operation costs about
£30Om a year tojun. It reaches
from research' and development
to the design and demonstration .
of every new engine. He spends
more than £12m a year" ba new .
computers, yet sees no sigh that
wey reduce the - numbers - he
needs to create a- new engine.

But not only for his tech-
nology is Newton a key figure
in Rolls-Royce’s future. Any
new, big-engine project is likely
to cost £lbn or more to develop.
The future -lies in collaboration -

—joint ventures or some other
kind of close association, with
an overseas engine maker.
Aided by ii dry wit that helps
drive his points home, he
forges tire bonds at board level
for such projects as the R J 500
joint venture through Japanese
'Aero-Engines.

■■■- This venture is developing a
new advanced-technology engine
- of 25.000 lb thrust for a 150-seat
airliner, if and- when" a -market
should emerge. The goal is to
reduce- the fu^L need by at least
25 per cent. ‘‘.But you don’t sell
aero-engines with brochures,”
he observes drily. “ So' I . get
involved." *

Btrt brand-new civil . engines
arc not Newton’s top priority at
present; hot surprisingly, given
ihe depressed state of the
World’s airlines. The urgent
need Is to squeeze 'Still- better
performance from existing
engines, especially the RB 211
family ' for which Rolls-Royce
paid so dearly a decade ago.

As an engineering task, this
has become' da uniingly difficult.
“ When you get to the level of
efficiency we’re at today, each
bit gets more difficult to
.improve.'*'.

One of the most difficult
-messages for ^engineers- to- get
over to other people is that so
much engineering depends
crucially upon engineering
judgments made before all tbe
evidence :is in.

" When: you get - - good
engineers - together ihey will
mate r different . judgments,”
Newton says. ** But the charac-
ter of a good engineer is', that
he should be firm in h Ur con-
victions.” • . '■

Decisions . about the per-
formance a company can cqro-
mit-itself to achieve in an engine
that will not enter service for
several years— a decade in the
case of a. major new engine — are
major feats of engineering
judgment . .. .

. - Newton took the - crucial

decision to stretch the perform-
' ance of the RB 211-535 in
■ response ro the threat of a- new
engine from Pratt and Whitney.
The new RB 211-535 E4 engine
is scheduled io run forithe first
time this summer. The goal is
10 per com less fuel required.

Disparate

For three years before
Newton became board member
for engineering he had been
working on a scheme fof a
uniform corporate technology
synthesised from the traditions
of three proud but disparate
(and once competing) .parts—
Rolls-Royce itself, Bristol'
Siddeley Engines and De
Havilland.

"I think we've gone a long
way tjown that road in the last
three or four years.” When he
started, each part hod its own
engineering trad it Lons, own pro-
tocols, own materials and
methods of deign and manufac-
ture.

His goal is a company-wide
engineering organisation that
takes its many engineering
decisions as possible at levels
below him, so that only the
most controversial or Those that
cross boundaries with other
board members — for example,
if an engineering judgment
should upset, the schedule of
a project — reach his desk.

' He has installed - executives
reporting directly to him, res-
ponsible company-wide for such
activities as advanced tech-
nology. product design, and
computing. He hopes to do this
soon for two- more tricky areas.;
the research laboratories; and
fuel systems and; their control,
a big pan of any engine.

About 80 per cent of the

50 YEARS OF ENGINE PROGRESS

Machine drives
from

THORN EMJ

Automation

Rugeley, Staffs, England

CWfroK for inrttMrv

Infrared -i

Hi

instrument

! PERKIN'-ELMER the analytical
I instrument company, has laun-
ched the Model 983 infrared
spectrophotometer. The com-
pany claims this is the first ’in
| Europe to incorporate an
integral visual display unit afid
| a digital plotter to annotate the
spectra as they are produced.

it allows data storage add
retrieval and can subtract one
spectrum from another. -It
scans the entire wavelength
range from 5,000 cm — l to
130 cm -1 and can deal with
all kinds of samples from high
resolution gas through -to
almost totally absorbing
materials, the company says.
More information on 0794
861485 . ■“

Conveyor

Alan Newton— maintains a low public profile

developed turbine blades that great faith in carbon fibre for

engineering budget

rani run- hotter, Rolls-Royce has this extremely
found ingenious ways of getting component,
the : heat out so that they don’t At full speed, centrifugal
need to run so hot. forces' are exerting about 70

Other major innovations in tonnes to try to

JOSHUA BIG WOOD of Wednfes-
field. Wolverhampton, has Be-
vel oped a new conveying system
to transport small coal from
bunkers io boiler hopper. The
company says that its Bigwood

demanding

time.’’ for it is expected to save 16S lb | company says that its Bigwood

Rolls-Royce abandoned the in engine weight. Above all, it i SCOVOB system with a pepu-
carbon-fibre fan blade and is a remarkably ingenious cock- matic blowing system has been

adopted the “back-up”, a
heavier forged titanium blade.

mined to the support of the by the company Include vertical
Projects — RB 221, take-off, the high by-pass engine
RB 199, Pegasus. Adour. etc.— and the wide-chord« fan blade,
which report to Denis Head, ■ as Advanced technology developed

Other major innovations in tonnes to try to tear it out by But for the past seven or eight
corn- aero-engines design pioneered its roots. The carbon fibre years it has worked unceasingly
by the company Include vertical decision was taken in 1966 by to develop a fan blade with the

director of operations. The
other 20 per cent is devoted to
advanced engineering and

research. Newton

scornful of claims that his rivals

lake-off, the high by-pass engine Adrian Lombard, the company's properties one
and the wide-chord" fan blade. Last director of engineering - carbon fibre.

Advanced technology developed until Newton's appointment in The hollow

in the '70s for the RB-211 is 1980. blade — a hone;

now being .picked up' and But Lombard died shortly —was a vital i

adapted by its competitors, after making his crucial engi- ton's decision
Newton claims. neering judgment. Newton, “stretched” 1

tail uf advanced manufacturing
technology.

"The easiest thing is to
design an engine that works.”
Newton says. “But it would he

properties once sought from

designed for “singles” ajld
should overcome the problem
of small particles blocking the
conveyor system. : .'

The development is part of a

quietly Newton claims.

example,

monopolise advanced technology believes his technology is keep-

once his technical assistant, months ago.

The hollow titanium fan
blade — a honeycomb sandwich
— was a vital element in New-
ton's decision to go for the
“stretched” . RB 211-535 15

too heavy. That's the difference j £60.(100 research and develop-
from bridge-building.” Proof of j ment programme by Bigwood^.io

his confidence in the hollow fan
blade will be in the running,
later this summer.

try and perfect a fully-auto-
mated coal-fired boiler house.
Details on 021-236 7532.

for aero-enj rlnes.

Where. Pratt and Whitney has

I think in all honesty I

ing well ahead is the big fan would have come to the decision
blade. Rolls-Royce once placed that it could not be done in the

He is looking to this one
component for up to a third of
the 10 per cent improvement.

Logica wins digital order

<$> fuel savings for turbofan air engines

LOGICA, UK leading computer
systems house, Iras won £0.75m
order from the Austrian broad-
casting service ORF for a digital
picture library.

When installed, the .equip-
ment will. . provide ORF's
graphics department with' access

to a library of digitised pictures
htid. oh hmltiple disk stores,
located' and selected with a few
keyboard operations and .can
then, via a frame store. be dis-
played oh a television monitor
or inserted into a TV -pro-
gramme. .

. THE TASK of developing
fuel efficient aircraft engines
'Is not. easy in these days of
energy consciousness. The
Derby Engineering function
of Rolls-Royce gained the
Queen's Award because it was
able -te produce fuel savings
■^of- up to 7 per cent for Its
mrbofan - aircraft engines.

Since 1978 the company's
RB211-524 series engines in-
tended for tiie larger aircraft

have achieved superior fuel
consumption economys over
competing engines.

The importance of fuel
economy in the battles for
engine sales cannot he under
estimated. At a time when
airlines’ fuel .costs account for
about 30 per cent of total
operating costs every 1 per
cent trimmMi off fuel con-
sumption can add up to
several million pounds over
the year.

When it costs about £lhn
to develop and launeh a new
high thrust jet engine on the
market today and competition
between the major engine
builders is so fierce it is not
possible to guarantee sales.

Rolls-Royce realises that It
must press ahead with new
development hence its joint
venture with three Japanese
companies to produce an
engine which will be suitable
for 159-seater aircraft. This

is likely to be a major
growth area for civil aircraft
once the airlines recover
from the effects of the reces- -
sion.

The RJ500 is a 20,000 to
30,000 lb thrust turbofan
engine and Rolls-Royce
intends it to have fuel con-
sumption something in the
region of a third better than
present day engines of a
similar power.

ELAINE WILLIAMS

Now we
can fly

Less cc
Less
Lesser

NEC offers six-colour word processor

Design & Build givesyou atotafservipe from one
compan/wrth high quality and reliable completion
dates-and a co-operative bunch of people to work
with. Contact John Baxter for mofeinformation.

Phone 01-977 8755

The Causeway, Teddlnglon, Middlesex TWjl OHW. •

SIX-GOLOUR visual display
besides- the usual black and
white and -ease of operation are
claimed, for the Benchmark
word-processing system, intro-
duced by NEC Tetecommwtica-
tions Europe. ‘

The heart of the .system is a
word-processing software pack-
age, which is supplied with its
own . audio/interactive training
program and * is designed to
exploit the full range of facili-
ties offered by the company's
PC 3000 colour monitor.

The colour range available
comprises green, blue, yellow,
red. violet, and light blue. The
user can select the colour di»
play format he -or. she requires,
whether a conventional black
text on a white background ox
any colour . . combination; .

Editing,- erasure, copying and
cursor functions can each be
assigned to a particular colour,
offering a large number of
options. . ....

■ Hie system •comprises a PC
8000 microcomputer with expan
sion un-'t, a colour monitor, a
Spinwriter letter-quality printer
and the Benchmark software.

The software consists of four
modules: self-teaching package,
text-editing software, mailing
list manager and communica-
tions package. The first three
items are available immediately,
wh s le the communications pack-
age will be announced later this
year, says NEC.

. The system , can support one
or two dual disc drives at one
time and it is said to be possible

to use common data discs
together with text-editing and
mailing-list operations.

Advantages claimed for the
system include horizontal and
vertical scrolling, an automatic
page-print facility enabling the
user to print a page proof of
text in background mode im-
mediately after input

Commands

The user can choose between
page or continuous mode and
the system will tell him or her
to put paper in the printer if
page mode is in operation.
Multiple copies of documents
can be programmed with one
command.

A "help" facility -enables an
inexperienced user to enter a
“help" menu at any stage dur-

at the

support where you need it is
whkt Bedford business really

means.

170 truck and van dealers*

hbftfiese 370 dealers, 38 are heavy duly truck de

ii

: iV^SS.

! Whenyou make your

first tecitative enquiry into
3 buying a new

Bedfoni, you’ll be
-dealing with a

^Sr;;i|^;;y'prafessior^\riKfe
interestedinhdping
"i'jf your business from
tfineyoubuyor

MS. i^ feseypur Bedford right

• vi? v'i

: At the outset he canhdp
you select the^ vehicle that’s
just right for your company
Hett help fine tune the
specification that meets
withyour particular needs.

Hell fiaisewith body-
builders. And advise on the

Ireland, And afurther.

311 yari-bnly dealers equally

He can arrange leasing
finance, low cost insurance
foryou. Hell also maintain
your vehide to the highest
possible standards with

our very Keenly pncea pares.

In met he can hdp with
every aspect of running
a Bedford profitably; because
he’s wdl versed in die
economics of mnning com-
mercial vehides and is,most
likely: a Bedford-trained
specialist

The dealer you can trust

You’ll find the same exact-
ing standard of maintenance
and service provided by
every Bedford dealer in the
country So if your vehide is
miles awayfocnnhome,you
needn’t fed it's miles away
from anywhere Because our
team of experts is always
near at hand for hdp and
advice And that’s the Jdnd of
business partnership
you can trust

□EC

ing document creation or edit-
ing. This shows a list of
available commands, and on re-
entering the job the cursor
will reappear in precisely the
same place as before.

The Spinwriter print
“thimble”. (analogous to a type-
writer “golf -ball") carries a
character set of 128 instead of
the usual 92 characters provided
by the daisy wheel design.

It can print up to 35
characters a second. In most
instances, says NEC. the design
offers the possibility of using
Italic and Roman type (upper
or lower-case) on the same job !
without changing thimbles, i
More on 01-388 6100.

GRAEME ALLAN

Illumination
for LCD
displays

ONE OF the disadvantages of
the liquid crystal display (LCD)
— th'e fact that it cannot be
seen in the dark without the
use of power consuming fila-
ment lighting— has been over-
come by NEC, which is now
offering electroluminescent
panels for LCD backlighting.

Any shape of design can be
specified by OEMs between the
present minimum and maximum
dimensions of 10 x 10 and
200 x 300 mm. Thickness is
0.6 to 1.0 mm.

In Japan, the units are being
rapidly applied to consumer .
products such as alar.m clocks 1
but further applications are
expected to include car dash-
boards, office copiers, and
aerospace systems.

The displays are available in
blue, orange, yellow, white red
and green. Using applied volt-
ages of 100V, 60Hz at 20 degrees
C and 70 per cent relative
humidity, the life is said to be 1
about 10.000 hours. More- on i
0698 732221.

every

Seven days a weekwe can fly you direct to l
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This daily direct service is even better with
the introduction of the only wide-bodied 747 service :
operating on the Moscow shortcut i

Our direct flights give you plenty of time ?

to arrive at Heathrow from pretty well anywhere
in the UK. !;

Three days a weekyou can fly via Rome, j:

Cairo; Abu Dhabi Delhi and Bangkok. !:

You can also fjyJAL to any major Far Hast l

city, or across the Pacific to the USA and Canada. f-

Ask your travel agent oryour nearest Japan Air Lines ; !
office for details. They have the facts. ;

London (Of) 408 1000
Manchester (061) 832 2807
Birmingham (021) 643 1368
Glasgow.(041) 221 6227

LONDON

ANCHORAGE

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EDI

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A medium -sized electronics design
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perience in mechanical handling In
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Write Box <57933. Fiiumcial Times;-
TO Cannon Street. London EC4P 4BY

Financial Times

SENSATION OF POWER,
THE LUXURY OF WALNUT

:%>■■■ -v-v^vi

-?-V i i

ft.*

iV.'C-f:.:-? ■•:

' ... A - * -*

& 1' ' ■: -.".'v-V.:/ *•" ■ .

**"**HUi&

The Rover name stands for innovative design,
performance, prestige, technological development and
achievement. Qualities that have long made Rover
a very special driving experience.

Never more so than now
The new Rovers come to you with advances
in styling, in handling, in economy, in comfort and
in finish. All Rovers are now painted by the world’s
most advanced and proven paint technology.

The sleek aerodynamics of the Rover body
have been further advanced with flush-fitting
restyled headlights, a new grille, wrap-round bumpers
and a handsome front spoiler f for improved road-
holding at high speeds.

At the rear of the car we’ve deepened the tail-
gate window for improved visibility, guaranteed even
in poor weather by a new, programmed rear wash-wipe
system. The re-designed Rover interior provides a
totally new driving environment

The re-styled low-profile instruments binnacle
and centre console combine to give you fingertip
controls and quick-to-read instrumentation •

And, as you sit back in supreme comfort, you’ll
appreciate that a traditional Rover luxury - walnut
panelling - has made a welcome return?

You’ll also welcome the feet that we’ve revised
the rear self-levelling suspension* and upgraded the
braking system to bring you a more positive surd

*

. V ■ V ’flfo

-Vfwlur,-. ■ /*■ JW.-JV

responsive driving experience. ; -

’ Apart-fiom the legendaty performance of the
Rover’s light alloy 35 28cc, V8.155 b.h-p. engine its
renowned qualities of smoothness and refinement y
have reached new peaks. : - .

.miles or 12 months.

We’ve notonly^devdiopedthe cars,weve added
to the range with a 104 m.p.h. twin carburettor five,
speed 2000 model v > ,

Six new Rovers. From the ultimate luxury of
Vanden Has to the sprightly economy of two litres.

Ask your dealer for a test drive. And enjoy the
advanced driving experience 1 V ^ - -

El OFFICIAL DOT FIGURES ROVEft 2000NUWUALJW
ROVER 2000 MANUAU745I, 8ASED ON MANUfACTURt

CAR TAX AND VAI (NUMBER PlATES. ROAD TAX. DQJVERY,

t7£WOOKMLCOt^ANr75l^,27£^U<ttW(»KM
2COO. ZK0. -’STANDARD ON 260QS.3500SE. VANDEN PLAS..

Financial Times Friday May 7 1982

SCOTTISH PROPERTY FINANCIAL TIMES REPORT

Apart from Aberdeen, stCl a boom city for office property, the market generally
is awaiting an upturn* Mark Meredith and William Cochrane report.

Confidence slow to return

".IN JtfANY. sectors it. may be
some little while before a return
to normal market conditions can
be expected- There are of
coarse exceptions and they can
be found in the aspects of the
market where they would be
least expected."

Scotland has seen a bitter
winter since Mr -Ian Marshall,
a partner in Bernard Thorpe,
wrote the above from his
Edinburgh office for the firm's
September 19S1 quarterly
review. However, the basics
remain the same: Scotland is in
recession but it does not pay
to generalise too broadly about
its property markets.

Traditionally , Scotland's eco-
nomy performs below that of
the UK average and recovery
may also lag somewhat behind.
Where this applies at present,
Scotland bos been running
below some discouraging UK
economic prognoses... .

Last January, Edinburgh-
based chartered surveyors
Kenneth Ryden and Partners
produced their 'ninth Scottish
industrial and commercial
property review prepared in
collaboration with Professor
Donald MaeKay of Heriot Watt
University and his independent
team of economists.

Bottomed out

While the economists thought
that events in 1981 confirmed
their earlier view that the eco-
nomy had bottomed out in mid-
year. they were not immediately
confident about recovery pros-
pects.

“ At the time of writing this
review,” they said, “we believe
that the UK Government’s |vm
policy stance is opposed to its
declared objective to engineer
an investment/export led
recovery. Without a change in
this policy stance economic
growth will remain very lpw
through 19S2 into .1983.. Given .
a change, we believe that a
substantial sustained recovery
could still be evident by late
1982.”

* In the meantime, the most
severe UK recession since 1929-
1931 Is showing through most
obviously in the industrial
property market. In Glasgow
and the west of Scotland. Ryden
calculated at the begi nnin g of

this year that supply of indus-
trial /ware house property was
approximately 30 per cent up
on the year before.

The industrial market in
Strathclyde, said another survey,
was in the doldrums with low
demand, few new schemes in the
offing , and an increase in Jhe
number of properties coming
on to the market as companies
rationalised their property hold-
ings.

The closure of the Talbot car
factors 1 at Limvood in Renfrew-
shire resulted in a further 3J!m
sq ft uf space coming on to the
market. The 420-aerc complex
is the major industrial property
being marketed in Scotland at
present.

More lettings

In Edinburgh and the oast
of Scotland, Ryden said that
there had been more lettings of
new and modem industrial and
warehouse accommodation in
the second half of 1BS1 than in
the January to July period— -but
this at a price.

Considerable concessions had
to be given to tenants by
either reducing rental or by
offering a rent free period for up
to 12 months. Many developers,
said Ryden, will now also pro-
vide heating and lighting with-
in the standard rental, and ad-
ditional works like offices and
showrooms were often rented on
concessionary terms.

Away from the traditional
Lowlands industrial bell, pro-
gress in Aberdeen, with the
infusion of North Sea oil
money into the local economy,
has been a welcome relief.
Michael Corr of Drivers Jonas
in Aberdeen is convinced that
the oil money has a multiplier
effect on local industry with
lettings to a wide range of
users including chemical
analysts, electrical engineers
and printers.

Aberdeen is certainly the hot
spot for office property. Major
oil companies alone account for
about 890,000 sq ft of the city’s
existing office space of around
3.75m sq ft They are
currently building about
750,000 sq ft more, and
another 250,000 sq ft is known
to be in the planning stages. .

Further south, property pro-
fessionals have to be more
cautious about prospects for
the office lettings market. Only
a year ago, Jones Lang
Wootton in Glasgow and local
rivals Lambert Smith were
highlighting a shortage of new
office space which made it seem
likely that there would be a
critical gap in the supply/
demand equation at least until
the end of this year.

Now, Peter Patterson of
Jones Lang confesses to being
slightly uneasy about Hie way
the general state of the
economy has created uncer-
tainty, However, given that
present plans for new space
add up to 390,001) sq ft against
an annual take-up of about
200,000 to 300,000 sq ft and (hat
rents are still marginally
increasing, there seems no
reason for panic in the short
term.

Edinburgh, meanwhile, has
suffered a couple of major
embarrassments in recent
years. The first was v/hen
developers took a losing bet on
devolution and the army of
bureaucrats which might have
accompanied it. This created
a major oversupply of offices
outside the centre of the city.

The other is Princes
Street, Scotland’s premier shop-
ping location which, said the
Edinburgh Evening News in u
recent series of articles, “has
never had it so bad.” “Archi-
tecturally shabby, drained of
many of its quality shops,
cluttered with thoughtless
street furniture, a down-at heel
shadow of its former self,” said
the paper.

Rent increases

In 19S1 alone, according to
Kenneth Ryden, at least 20
standard units in Princes Street
—approximately 30 per cent of
the total number — were placed
on the market. The reason for
the poor market in the centre
of Edinburgh, and also
Glasgow, is not hard to find.

In an analysis backed up by
other property market pro-
fessionals Ryden noted that
rental increases far exceeded
the rate -of inflation in the late

Sharp division

In Scotland's major shopping
pitches, in fact, there seems to
be a sharp division between the
short term problems of some
tenants and the long term con-
fidence of developers and the
investing Inst ilu( ions.

According to Ryden the
prospect for the retail market
in Scotland seems good. That
is a point which has not
escaped the notice of investors
whose interest in acquiring
prime retail properties con-
tinues unabated. A period of
consolidation at the top end of
the market is inevitable but
unsatisfied demand by retailers
should secure future rental
growth.

Oq the development front,
two major schemes incorpora,
tng major retailing components
have recently gone before the
planners in Glasgow — a £40m
redevelopment project incor-
porating a shopping, com-
mercial and leisure centre for
the St Enoch area of the city
and a 300,000 sq ft plan for a
three-acre site on the corner of
Buchanan Street and
Sauchiehall Street.

These apart, Ryden list 20
retail developments planned or
in the course of construction
in Scotland. If there is
evidence of decay in some areas
of the market— a process which
UK high streets— there is evi-
dence of growth elsewhere.

1970s, and that following a
period of already steady
growth. Consequently rent
levels were set which could
only be sustained in a period
of high consumer spending.
This was followed by a period
of unprecedented increases in
rates, a period in which the
tourist trade also suffered.

. However, the retail property
news is not all bad. Prime
rents may have slipped in
Glasgow and Edinburgh but
they have held up well in
regional centres. The healthiest
market seems to be in well
located secondary units, par-
ticularly in Edinburgh where
demand is firm and good rental
growth is still being
experienced.

Ed?)?burg/i's famous Princes Street is losing Us appeal as a prime shopping site. High rents and raies
are deferring tenants. Between 12 and 20 shop units are now on the market

Regional shopping centres are doing better than sites in Princes Street

Hard times at the top shops

ifV- > :r :V. •

SHOP PROPERTY in Scotland
has some of the depth and
spread of that in England and
perhaps that is just as well.
Agents Kenneth Ryden and
Partners say they can detect
"important variations between
a sluggish market for prime
shops in major cities and the
vigorous one prevailing in
regional towns and shopping
centres."

The bigger they are, goes the
old saying, the harder they
fail. Edinburgh's Princes
Street, acclaimed by retailers
and properly men as the prime
shopping location in the
country, is facing local
criticism. There are between
half a dozen and 20 retail units
in Princess Street on the mar-
ket, and this seems to be trigger-
ing off the view that the street
is going downhill.

Ian Marshall of Bernard
Thorpe in Edinburgh says
“ Princes Street is not suffering
because there is anything
basically wrong with it. It is . a

victim of its own success . "

The reasons for the
apparently plentiful supply,
says Mr Marshall, are not al-
ways as clear as they seem.
“The incidence of massive rate
increases, and the lack of sub-
stantial growth in consumer
spending hare, of course, had
their effect, but the principal
reason for the current availabi-
lity of many of these shops is
the intense competition which
retailers faced three or four
years ago when the units were
originally let.”

For a long time Princes
Street rents were forced up by
its own limitations— a length of
one mile and shopping on only
one side of the street, with
Princes Street Gardens on the
other. Rents ranged as high as
£125 per sq ft. Rents became
too high for trade to pay.

“ The other major problem is
the massive rate liability, ”
says Mr Marshall, who esti-
mates that Oxford Street rates
in London's West End are only

between a half and a third of
the levels being paid in
Princes Street. Nevertheless, he
reckons, shops are continuing
to be let at what, with hind-
sight, might noY/ be regarded
as more sensible rental levels,
some 25 per cent lower than
earlier figures.

Prime retailing rents have
slipped in Glasgow as well, and
for much the same reasons,
according to Kenneth Ryden
and Partners. But there, it is
new development which is in
the front of property men’s
minds.

Within the past month or so,
two major schemes have gone
before the planners. The Scot-
tish Development Agency is
co-ordinating a shopping, com-
mercial and leisure centre for
the St Enoch area of the city.
The £40m redevelopment pro-
ject — designed to rejuvenate
Glasgow city centre and to pro-
vide 2.500 jobs — will be
funded entirely from private

capital and should be com-
pleted by 19S5.

The SDA has lodged a
detailed planning application
with Glasgow district council
for the first and larger western
section of the development,
scheduled to include major
department stores, commercial
offices and an international ice
rink. The second phase of the
development, costing about
£20m, will provide an inter-
national hotel and a block cf
luxury privately-owned town
houses.

Meanwhile, on March 31, e.
consortium of developers 'In-
cluding the Socfet£ de Centres
Commerciaux, Standard Life
Assurance and tile City of
London and European Property
Company, announced its inten-
tion to submit a planning appli-
cation for a three-acre rite on
the corner of Buchanan Street
and Sauehiehall Street.

The French company is said
to have an enviable reputation

CONTINUED ON NEXT PAGE

35COSE

: oft*
ypX iS

. 7 !?$
r ft'*

ioV the

Success in property
simply doesn't happen
overnight.

Far from it.

Experience brings expertise.
In over 200 years Richard
EUis have acquired more than
just some impressive properties .

We've acquired a very real
reputation.

In the jxistfeiv months we've
been busy hi many areas of real
estate in many areas of
Scotland.

lake King's Close in
Aberdeen for example. This
magjiificent new office deoejop-
ment comprising over 31,000 .
sq. ft. was acqtared by Richard
m&mbdudfcfE.SM.^^
for ; a jmrdtase

KING'S CLOSE.

31

• >■*.

* -''/«-■> 'V-V Vft-V ‘ : J. '-'..y r. '*»

' •'>;>*; ■. . ;v i - *£ • ~ > . ... ’

Ifi

fijLLCr

DYCE

In Edinburgh , acting on

Purchased by the introduced
fund at a figure in the region
of£12.1m. tt comprises

J - ■ f MfV Artrt ft

Finance for the
ideally located Wcwerle i/
Market development ,
also in Edinburgh, has
beai arranged by
Richard Etlis on behalf of
The Reed International
Pension Funds involving a
total commitment of up to
£14m. This enviable City
Centre location will be
developed In/ Edinburgh
District Council
providing Princes Street
with a prestigious
I speciality shopping centre
f tif around 70,000 sq. ft.
i mcorpomthig restaurant
mid wine bar operations
in addition to over 40
Jjr shop units and a new
§§§. Tourist Ceithe for
i Edinburgh.

main i ^

In Glasgpw r adxng on
behalf of the Guthrie Con
P.L.C. . Richard Ellis
sold a 400,000 sq.ft,
fadorylzoarehouse
complex on a 19.9 acre
site at Crown Sheet to
an owner occupier.

■lIEQF

mmm

CROWN STREET,
GLASGOW ^

stT — v

W/WERLEY MARKET. (ARIISTS IMPRESSION)

That's simply six of the
many projects where Richard
EUis are mjecting vital expertise
throughout Scotland'.

Arid that's the property
wdre most proud of.

Richard Ellis

Chartered Surveyors

75 Hope Street, Glasgow G2 6AJ. Telephone 041-204 1931

r

SCOTTISH PROPERTY FINANCIAL TIMES report

OFFICES

ONTHE INSTRUCTIONS OF
THE NATIONAL WESTMINSTER BANK
The National Westminster Bank Building
George Street, Edinburgh
One oF the dominant buildings in the city's
commercial centre:

first class accommodation available from 615 sq ft.

A DEVELOPMENT BYTHE .

I ONDON TRANSPORT PENSION FUNDS

James Sellars House, West George Spreet, Glasgow
Nowleasing. Sev'en floors remaining lrith 4,000 sq ft on
each. Prime office accommodation T-vith carpariung.

ONTHE INSTRUCTIONS OF
LIVINGSTON DEVELOPMENT CORPORATION
Lomond House, Livingston. Noiv leasing. 32,000 sqft of
modem accommodation in a desirable New Town
environment with ample car parking.

ADEVELOPMENTBYDaSCOTLAND .
AND CRUDENS DEVELOPMENTS .

100 West Regent Street, Glasgow
Prestige modem accommodation provided behind
imposing Victorian facade. 25,500 sq ft
plus carparking: available summer 33S2.

MDUSTRIAL

A DEVELOPMENT BY
HIGGS AND HILL PROPERTIES LTD

MIddlefield Industrial Estate, Falkirk. ...
Neivindustrial warehousing units from 3,000 sqft to
20,000 sq ft- Some with mezzanine offices.
Adjacent to the M9 motorway. .

, .. . Lwivors .

80 George Street^EOTTSBURGH EH2
Telephone : 031-226^791 Telex:- Leaiverii727&16-. ;v

Offices: a three-sided story

FALKIRK

^M&dlefield Industrial Estate

Modern factory and offices.

85,000 sq ft on 1 1 Vi acres.

Suitable for high tech use or redevelopment. .

FOR SALE.

EAST KILBRIDE
Kelvin Industrial Area

Modem factory/warehouse. 13.260 sqft V.

LEASE FOR DISPOSAL

fresent Rental JUT 9,250-p.a. ... . ‘ .

GLASGOW

Centrally located warehouses available
from 2,000 sq ft to 35,000 sq ft.

TO LET.

Attractive rentals.

EDINBURGH

Sighthill Industrial Centre

Modern factory/warehouse units. Prime location.
Units from 8,000 to 40,800 sq ft j • . .

TO LET £1.75 per sq ft

Joint Agents Jones Lang Wootton 031-225 8344.

CURRENT economic trends are
being reflected in the property
market, say agents Kenneih
Ryden. -and Partners in their
January. 1982 review of Scottish
industrial' and . commercial
property. ; -Bat .they add “more
funds than before are looking .
to, invest in prime commercial
property, in Scotland.”

This certainly seems to apply
to office- property in the three
main centres — Glasgow, Edin-
burgh ai}d. Aberdeen — but
there is more to a property mar-
ket than the funds, their -cash
flows and their . long-term con-
siderations.- Short and medium
term,. . Scotland’s three main
centres are more notable for
jheir differences than their
similarities.

Aberdeen is the place to go
if you want to hear the. optimis-
tic view. Michael Corr of
Drivers Jonas, based in the clty,-
is concerned to demonstrate that
there is more than North Sea
oil behind the city's attractions.

. “ \Ve .ate not a one-industry
town,” says Mr Corr. Only 15
per cent of the city's employe
ment he reckons, is directly oil-
related. However, oil has a mul- -
tiptier effect on the local
authority and, he maintains, it
is ah’ -effect that -will last -
: The oil majors. Shell and BP,
have apparently said that they
will want a strong presence in
the .city, fox .at least 40 years
this based on present estimated'
reserves and present technology;
at a time when mare than 50 per
cent -of the ‘North :See remains
to be explored and when* tech-
nology is expected to continue ■
to improve.

. “In London nobody. has any
i concept of the level of economic
growth here,” says Mr Corr. If
the multiplier effect df tfc’e oil
companies is accepted, and -ex-
trapolated, ’the growth prospects
for offices looks very good in-
deed. ....

The oil majors in Aberdeen
tend to build for their own
accommodation on major indus-
trial estates — or other peri-
pheral, but extensive locations
such as the Hill of Rubislaw. On
these- sites they , can get plenty
.of space, and can sit on-land
for farther expansion.

Drivers Jonas calculate that
Aberdeen’s office stock is cur-
rently just over 3.75m sq ft Of
that the oil majors have built
about 890,000 sq ft for major
headquarters In the city. In
addition -they have another
750,000 sq ft under construction,
with ShelL BP and BNOC to the
fore, and another 250,000 sq ft
known to be in the planning
stages.

Oil majors apart, demand in
the Aberdeen market tends to

available for first letting.

Development is still increas-
ing. Peter Paterson of Jones
Lang ‘Wootton, which in mid-
19SI expected six new schemes
.to produce 340.000 sq ft of
extra space by 1985, excluding
a 500,000 sq ft BNOC head-
quarters, now es tima tes that
some 390,000 sq ft is on the
stocks.

However, ... Mr Paterson is
slightly concerned about recent
demand. “ In recent; months

MAJOR OIL COMPANIES’ OFFICE SPACE

IN ABERDEEN

(Sq m)

Under

Known to be

Company

Built

construction

planned

Shell

17,426

6,570

17,260

15,000

'Total

—

— :

Occidental

13,600

—

—

BP

11470

18,070

— ■

BNOC

15,050

25,000

—

Marathon

—

9,200

5,300

Amoco

3,810

—

—

Texaco

2,660

—

Conoco

6,863

—

2,795

Chevron

5,452

■—

—

• ?

82,601

69,530

23,095

Total

49,686

£570

13,609

29,240

40,050

14£00

3,810

2,660

9,658

5,452

175,226

Source: Drivers Jonas, Aberdeen.

average, about 180,000 sq ft a.
year. , At the 'moment there is
about 350,000 sq ft 61 supply on
'the market, but a lot of this is
secondary, • and Michael Corr
sees a gap in the market for
well-designed new space. Kents
of £7 or above have been
achieved by refnrbishments in
Aberdeen’s West End, the pro-
fessional office centre.

• In Glasgow, Scotland’s biggest,
city and the largest supplier of
office stock with some 13.5m
sq ft in total, last year’s themes
— shortage of prime stock,- and
the developers’ reaction to this
situation — are being qualified
to a degree by the impact of
recession.

1 The shortage persists. Glas-
gow agents Lambert Smith say
that only 216^63 sq ft— 1.61 per
cent of total stock in 15 units —
of new or refurbished space is

the market has been more life-
less than usual, with more
property coming on to the
market than has been going off ”
he says. The general state of
the economy has created un-
certainty with some companies
disappearing altogether and
others shrinking.. .In addition,
potential government mid local
authority tenants now seem to
be fully supplied.

Against that, rent levels are
marginally increasing for new.
good quality buildings. More
than £5 per sq ft is the role,
£6 is -a possibility, and £6-25 a
sq ft has just been negotiated
in one case. All in all, Mr
Paterson is anticipating that
the supply/demand equation
will move marginally in favour
of demand towards the end of
this year.

After the growth, in Aber-

deen, and under-supply with
reservations in Glasgow, Edin-
burgh provides a neat paradox.
Where there is demand — in the
city centre — there is neither
the space nor the prospect of
it; where there is space, on the
outskirts, there is over-supply,
which seems to have little pros-
pect of being soaked up in the
short to medium term.

“There is no doubt that the
Edinburgh office market has
been in the doldr ums for quite
a long time, ” says lan Marshall
of Bernard Thorpe. “ At the
moment there: is an inheritance
of something like 700,000 sq ft
of empty, offices in the city. ”

T^lis was left from the days
when devolution was a possibi-
lity and tiie prospect of an army
of bureaucrats requiring offices
in Edinburgh, to serve a Scot-
tish Assembly; encouraged ex-
tensive - speculative office
development.

The developers, lost their
political bet, and the effect is
showing on rents. Bernard
Thorpe says that rent levels
have remained in the range of
around £3.50 per sq ft for aver-
age offices to more than £5.50
sq ft for the best , central
locations.

In the city centre, where
demand does exist the .local
authority's planning • poficy
does not allow new office nse
and refurbishment is the role.
Ian ’Marshal l Estimate that
only about 60,000 sq ft of good,
open plan modem' office space
is -available.- .

Mr Marshall feels that the
built-in supply limitation in
central Edinburgh will put a
premium on existing stock — if
it has car parking' space, so
'much the better. .

“ The importance of car park-
ing facilities is becoming in-
creasingly important to
occupiers, and tbe most' active
area of tbe office market Is in
the lettihgof suites from 1,500
to 3,000 sq ft with car parking.
This is not necessarily directly
within the central areas, but
perhaps towards the west side
with good accessibility to the
central belt. Fife and beyond. "

William Cochrane

FULLER

PEISER

Chartered Scr*)<?n

~y ;

lip]

fell

gTSTcfST

MILLION

SQ.FT

FOR SALE

in SCOTLAND

• 420 acre site area (approx)

• 2 miles — Glasgow Airport

• Dual carriageway from
M8 Motorway

• Rail head & private siding

• Subdivision to virtual ly any
size possible

Joint Sole Agents

GERALD EVE & CO.

Chartered Surveyors
18-Savile Row London WlX'^BP
Tdephone: 01-437 0488 Telex: 27206
176 St Vincent Street Glasgow G2 5SG
Telephone: 041-221 6397 TeIex:778S25

A . mode l of the planned £40m shopping commercial, and leisure centre for the
St Enoch area of Glasgow. The project, coordinated by- the Scottish Development
: Agency, is designed to rejuvenate the city centre and provide 2,500 jobs

Hard times at the top

CONTINUED FROM PREVIOUS PAGE

for the quality of its commer-
cial developments, having been
responsible for big shopping
developments in Paris, Brussels
and Marseilles.

' For the Buchanan Street/
Sauchieball Street site, the
consortium's . proposal- is for
i 300,000 -sq ft- of development,
a principal feature being a
i large covered shopping malL
The shopping development
would include at least one
department store and both
Debenhaans and John Lewis —
neither of which are in Glas-
gow at the moment— have been
. mentioned in this . connection.

The Glasgow Herald com-
mented on the day of tbe
. announcement that Glasgow
district - council’s task now
would be to convince Strath-
clyde regional council that the
proposed development would
not affect existing shopping or
prejudice other proposed deve-
lopments — such as tbe SDA’s
plans for the St Enoch site.

Peter Paterson, of Jones
Lang Wootton in Glasgow, is
not convinced that the task will
be an easy one. "He sees in- 1
..evitable conflict at the plan-
ning stages between the Sf
Enoch and the . Buchanan
Street schemes, both of which

are offering planning gains to
the local authority. Buchanan
Street’s plans include a con-
ference hall and hotel complex.

Inevitably, there is a feeling
around tbe city that both may
not be allowed to go ahead in
similar form, or at tbe same
time.

Aberdeen, says Michael Corr
of Drivers Jonas, - has. tbe
fastest growing disposable
income per head in Scotland,
an d this is reflected in the
level of demand for prime
shopping space . in the city.
There has been a long-term
background of constraint on
shopping space.

. Now. says Mr Corr, three
developments are likely to
come. At the end of March.
Norwich Union Insurance said
that it was to develop a £2 Dm
shopping centre' lb Union
Street, Aberdeen’s principal
shopping area, having taken
over Atholl Investments’ in-
terest in the development

The scheme “really can’t
fait" says Mr Corr. Apart from
incorporating a 100,000 sq ft
De be iihams store, it will have
the only substantial car park,
400 spaces, in tbe immediate
area.

Following Norwich • Union’s

involvement there, questions
have been raised about the
Dutch group Bredero’s 340,000
sq ft scheme in St Nicholas
Street at the east end of Union
Street The local view is that
that tbe scheme is likely to go
ahead eventually.

Meanwhile, Great Universal
Stores has a more modest
development in retail . space
terms at the comer of Union
Street and St Nicholas Street.
incorporating 50,000 sq ft on
the ground floor and 15,000 sq
ft on the first “Very well
located,” is tbe view from
Michael Corr. “Tbe develop-
ment will help to concentrate
Aberdeen’s main shopping area
on the prime pitch.”

w.c

Phase ( - Wellington Street

Comprising: BANKING HALL Uet to Royal BankofScoHand)
• 'raDORS OF; OFFICES
• each; of 4,000 sq. ft approx. ■ .

Phase H - Argyle Street

Comprising: lO SHOP UNITS

totalling 18,000 sq. ft approx.

' 7 FLOORS OF OFFICES
each oi 7,500 sq. ft approx.

TO BE LET K h 5 details

Montagu Evans & Son

Chartered Surveyors

2/4 Royal Exchange Square,

If Ibi Glasgow G1 3AB
If mm 041-226 4157 \

GRAMPIAN REGIONAL COUNCIL
FOR LEASE
INDUSTRIAL SITES

Available at the following Industrial Estates:-

■ North Kiridiill, Dyce, Aberdeen .

(Httaedden Road, Dyce, Aberdeen
Dales, Peterhead
- Castle Road, Ellon
Bbddnll, Inverurie .

Purpose-built Factories constructed to Individual specifications for
lease on medium term leases.

• ALSO

NEW ADVANCE FACTORIES TO LET
at

Forres; Elgin and Fraserburgh

Rent free periods of up to 9 months, maximum may be available.
PRIME HOTEL SITE
Bridge of Don Showground
” . FOR SALE OR LEASE '

For further details contact: ;;

. . • • Director of Estates, ■

Grampian Regional Council,

’ Woodhill House.

Ashgrove Road West,

Aberdeen AB9 2LU. .

Tel. Aberdeen 682222 Ext 2443 or 2431.'

CUMBERNAULD

Modern industrial unit
extending to 1 1 .OOO sq. ft.

In excellent condition,

12 MONTH RENT FREE PERIOD

133 St. Vincent Street,

Glasgow. G2 5JF
Tel: 041 226 5241

* -/ - Z: '-arc) Paitne rs

JamesBarr

FOR SALE

{ On the instruction of the Imperial Group Ltd.)

STEVENSTON, AYRSHIRE

Modern Industrial Complex
,180;000 sq.ft, on 15.8 acres

Contact: " ' ’ • ’ - -

213 St VuwwttSbvefc Glasgow G2 • MI-2483227

May & Rowden

77 Grosvenor Street London W1 A 2BT
TelephonerOt-629 7666 „Tefex:267683

5 South Charlotte Street Edinburgh EH£ 4AN
Telephone: 03T-2265321 • Telex: 727475 ■' ■

TTVT

A DEVELOPMENT BY DCI (SCOTLAND) LTD

ABERDEEN -UNION STREET

COMPLETION AUTUMN 1982

* 3 -RETAIL UNITS REMAINING
FROM.420 sq ft to 3.500 sq ft,

* QUALITY OFFICE SUITES UP TO 12JJ00 sq ft
For further details contact:

Watson Neave

I Chartered Surveyors

1108 GEORGE STREET -
| EDINBURGH EH24LH

031-225 1824

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-Financial Times Friday May 7 1982

SCOTTISH PROPERTY

FINANCIAL TIMES REPORT

Scope for private sector

GLOOM hangs over the
industrial property scene in.
Scotland, although there are
some, interesting bright spots
to provide encouragemenL

The gloom stems from the
well - established problem of
weak overall demand and over-
capacity for Industrial space in
most areas. The bright spots
include a growth in activity by
the private sector in creating
advance and design - built
factories.

Traditionally, government has
made the running in this field,
using industrial space as a
large carrot to tempt .in new
industries to replace Scotland's
vanishing older, heavy . indus-
tries. The Scottish Development
Agency, Scottish new towns,
the Regions and district coun-
cils have for ye?rs tafcra on
the bulk of industrial properly
preparation.

However, with isolated cases
of demand growth and an
actively pursued central
government policy to involve
the private sector in official
building programmes, the scope
for activity by the private
developer has increased.

The Clydebank Enterprise Zone is attracting new industry to this dockland area
of Glasgow (left). The offer of rate-free tenancies for industrial property has
led to a- strong demand for space. In Edinburgh, the SDA’s redevelopment pro-
gramme for the harbour district of Leith (right) has encouraged a private
contractor to build small factories in the area as zrell

Private developers will also

find themselves having to take S®*®*

ud inoreof UieoDDortunittes Company, and Wiggins Tcape. industrial units whic
for bunding >« of «?«*l pro- taken up quickly. This

The agency built 19 small until 1991 has been strong
tdustrial units which were demand for space,
tken up quickly. This encour- Agents Conrad Ritblat

result of spending cuts by local PJJJJ, Jjj£ ff 1 ® private contractor report ed that a considerable

government. Some councils and ^pmart to plan a £600.000 pr^ amount of space was available

new towns have pared their Si-SE F* mme fo JL 18 ft,rther for first letting m Glasgow and

programmes for new industrial J* et BnS« a S!Sl The programme fits suirounding area, with poorly

space down to almost nothing. ^llL a n r ,! U -f ! 5£h/ L nt0 , tte a£en ^ s /' ?* husiness located space renting out as low

.Another factor will be the *2"*^*"? * development for Leith. as £lM por sq f t . although £2

Government’s announced reduc- Dn n ,vi.» s «wL««a uic rwui ■■> me, wi& more usual,
tion in assistance for small S5?SEn? in Mra J«£ developers expect considerable A bont three quarters of the
factory units in the coming KStewS SisrmS” About industr ) aI }»ildlng to acuom- uptake in industrial space in

year. Although private s&om Muare feet of space on E? ny ** ^dopment of * c the Glasgow area was for units

developers have not been otor is new aSommodation, gowmorran Gas Separation below 5.000 sq ft. with enquiries

verj- active in huilaing small SDJl Plant coming from local companies,

advanced factory units, the - - ^ ' , A . ^ Glasgow the Clydebank according to Kenneth Ryden

the past year, when about

svetopment lor ixsitn. as £1.60 per sq ft. although £2

Across the Forth in Fife, was more usual.

■vetopers expect considerable A bott three quarters of the

advanced factory units, the " • ' In Glasgow the Clydebank according

remaining area for government la Us March survey of Aber- Enterprise Zone dominates the partners,
asssistnnee, for units ur.der deen commercial and industrial industrial property market. The
1.230 square fecL may spur property. Drivers Jonas noted: effect of rate-free tenancy

them into action. “ Rather than stemming solely

from the direct requirements of •mm .

Promotion the oU industry. there is clear f lHO II 4~W T T n 1

evidence of a multiplier effect ■ ■IB >1 III %/ I g

Using industrial space as part . and lettings are taking place to Uillli ▼ JLC4J

of industrial promotion in the a very wide range of companies, »

past has meant that government including chemical analysts, . . j a w

bodies, both national and local, electrical engineers and < > 4 d mi > ji A 4-l^^v
have been able to absorb much nr i n t er c'’ | n§J

lower yields— about 4 or 5 per p " , .. iliil Hit

cent — than the nrivate sector. Rental space, according to

Mark Meredith

have been able to absorb much
lower yields — about 4 or 5 per
cent— than the private sector.

Quality farms
attract the
big investors

which aims for about a 20 per SDA, could be found for £2

cent return on its capital. «! ». rents of £2-40 per 1 •

The Scottish Development sq ft were normal for new 5.000 If 1 fj | fl VF»I

Agency, the main government sq ft units. Grampian Regional |L^JL2(L J.I.A. ▼

industrial promotion body in Council meanwhile ^ reported. C7

Scotland, remains the region's rent for prime locations of £3 ^ ^

largest landlord administering per sq ft. is 3^,^ land of some

2om sq ft of rented accommoda- i n Edinburgh District and sort. It includes spartan h!H-

tion. But increasingly now with Lothian Region, developers side grazing, prime arable land

its large projects, the agency reported having to lure tenants and vast farming and p awiin P

is trying to involve private foy providing heating and light- estates.

“SSKif «. ing in with the rent. Some have . The market for agricultural

.SrSS ' even offered six months rent property is currently character-,
property s f5i or A 5 f ' z ^“f free accommodation. ised by a strong demand for top

SCOTTISH FARMLAND-
PRICES 1981-1982

(per acre)

active in the Aberdeen area.

ised by a strong demand for top Arable fl.000-f2.300

Property for the offshore oil in- Under 700,000 sq ft of Indus- arable land muL estates, Arable/rtock ...... *ouu-*±,±t»u

^SSjJStSL to bTinde- trial space is currently available tat we^ess in prices for stock stock/rearing £400- £800

roand. The city has 11 industrial in pthjan. compared with i a »d i n 041,7 £60041.200

estates bn its outskirts, four of nearly 726.000 sq ft in June last SffSfdltSna ll^been ““ £70- £130

them around Dj.-ce Airport. The year. One of the interesting m (£150- £210

estates cover more than 1,100 features of Edinburgh has been t SfLS’ ( SerS

acres and are run by Grampian the success of the Industrial Re- • c * '

Region and Aberdeen district development Programme run by ol agricultural Inndin England Source: Bell Ingram.

£60041,100
£400- £800

acres and are run by Grampian the success of the industrial Ke-

Region and Aberdeen district development Programme run by 3 a t 1 ?^ Bn u

council, as well as private de- the SDA in the old harbour and Wales by uoyds Bank,
velopers such as George Wim- district of Leith. , ST'ffSlt St

(£150- £210
per ewe)

Source: Bell Ingram.

nn Progressive
P Independent

developments- Development

in Scotland.

land prices showed a real capi- .

tal appreciation of 8.3 per cent 11 J > ® c ^ c raise capital. This
in the eight years to 2979. This activity has led to some criti-
general trend was reflected in cism of the big city institutions

Scotland as well.

From prices of £35.50 an acre

moving In on the farmer.

Mr Miller reflects this view.

in 1944 the value of land spii^ pointing out that the activity
ailed to £1,280 an acre in 1979. of th.e institutions 1s confined
Then came the crunch which hit to the prime arable land and
all Britain’s farmland at the not the marginal areas. How-

start of 1980.

ever, it is the farmers who

The recession saw values usually approach the institu-
drop by 15 to 25 per cent in tions seeking this form of fund
Scotland. Only prime arable raising.

land has shown an ability to Farmers will use sale and
show steady demand and price, leaseback to raise money to buy
Hill fa rming units have been additional land. It also has

(HOLDINGS) LTD.

Ingram House,

-227 Ingram Streep
Glasgow Q IDA.
"JeL 041-204 2477
akoof

Alexander House,

HydeGrov^

PJyrnouthGrav^

Manchester:

Tel:06I-2733924

bit hardest of all.

appealed to farmers with

PRIME INVESTMENTS

Factories near commercial
centres with easy access
to motorways, airports,
docks etc.

Office blocks & shops
in prime city centre sites.

DEVELOPMENTS
COMMERCIAL
Glasgow: Argyle St..

West Regent St.. West
George St., St. Vincent St.
Perth: High Street
Saltcoats:Dockhead St.
Aberdeen: Union Street.
INDUSTRIAL
Glasgow: Tradeston Ind.
Est., Si. Andrews lnd..
Est.. Monklands Ind. Est.
Manchester: Cornbrook
Ind. Est.

According to Roy Miller, of problem of succession where
Bell Ingram Chartered Survey- more than one of the family
ore, the size of farms also want to farm or where a son
played a part with properties or daughter want a share of
worth £100,000 to £200,000 mov- the family’s business capital
ing on the market, while much for non-farming pursuits.

SCOTTISH ESTATE PRICES 1981-1982

Planting land £804250 per acre

Let land £30041^00 per acre

Vacant possession land Up to £2,300 per acre

Grouse £4004650 per brace

Pheasants : £1004160 (wild) per bird

Salmon £80042,000

Stags £7,000410,000 per stag

Sea trout £1504250 per fish

Source: Bell Ingram.

larger units of £500,000 to £lm Mr CoKn Campbell, of Strutt
found trouble finding a buyer, and Parker, quoted in the Scot-
“The generally contracting tish fanning press, said that
economy, together with ex- farmers saw the sale and lease-
tremely high interest rales have back as a preferable altcrna-
inevitaWy had their effect upon tive to remaining locked into
the performance of the country the inflexibilities of property
property market,” Bell Ingram ownership.

17 Waterloo Place
Edinburgh

Magnificent refurbished of fices
TO LET In Suites from

1.390/15,863 sq ft

-- -- Weatherall

_^-S- Green & Smith 01-405 6944

said in their latest review of
the property market

If farmers were forced to sell,
he told the Scottish Farmer,

Kenneth Ryden and Part peri

CHAfTTTRFD SURVEYORS

031-225 6612

The number of sales of. agri- “ perhaps it Is as well that the
cultural land dropped drama- institutions are there as buy-
ticaliy from 696 in 2978 and 607 ere."

in 1979 to 271 in 1980 accord- Scotland's legacy of elegant
ing to the Department of Agri- country houses on vast wooded
culture. Hill and upland farms gaming estates continues to
at the bottom of the market attract demand from the very
dropped from 40 and 47 trans- wealthy of the world. Bell
actions in 1978 and 1979, re- Ingram feel it important to tell
spectively, to seven recorded in their prospective clients, how-
1980. The prices for equipped ever, that -a larger proportion
farms dropped from an average of the inquiries come from
of £1.644 per hectare to £1,546. British subjects.

Prime arable land such as Frank Knight and Rutley re-
that in Perthshire, Angus and ported continued strong de-
the Borders has become a major mnd for estates with good
area, of interest for large invest- gaming opportunities, such as
ment institutions, and it is their pheasant shoots. The agency
continued activity which has has on offer at present an entire
maintained a buoyancy in this peninsula on the east of Scot-
sector. land, with 80 square miles of

The institutions, according to land, 30 miles at coastline, over
Bell Ingram, have kept up a 30 houses, with deer, salmon,
firm base on farm land, forest and farming. The price
although the resulting rise in for Knowdart. which will be
sale and leaseback arrange- one of Scotland’s seven or eight
ments has come under criti- very big sales this year, could
cism. Under sale and leaseback b e £2, 5m.

a farmer sells his land to a Tl/Ia^lr Mproriith

financial institution and leases IViarK iViereOilH

rjj^ I

CONSULT THE LOCALS WHO
KNOW THEIR OWN COUNTRY

A Selection cf Commercial and Industrial
Properties currently on our books

INDUSTRIAL ACCOMMODATION

EDINBURGH AND THE EAST OF SCOTLAND

SKSHTOm MIDUSTRfAt ESTATE, EDINBURGH

To Let now, now waroliauie units with oHiCas- Last -remaining units

of 5,000 Jnd 10.000 sq It.

LEITH WALK TRADING ESTATE, EDINBURGH
To Let, new warslunjaa units Iron 7,500 ag ft. 9,900 sq ft or laroar.
EASTERN INDUSTRIAL ESTATE, NEWCRAIGHAU-. EDINBURGH
To Lee. new factories and warehouses 11,000, 21.003 and 32,000 sq ft,
CAUSEWAY3IDE. EDINBURGH

To Let. new warahouse/industriaf units of 2.500 sq ft. Centra]
Situation.

NEWBRIDGE INDUSTRIAL ESTATE. EDINBURGH
To Let. modem truck rental depot 5.340 aq it and modern distribu-
tion depot 39,000 sq ft.

A8BEYHILL INDUSTRIAL ESTATE. EDINBUGM
To Let, modem wa re house/ workshop 7.000 *q ft.

MUSSELBURGH. INVER ESK MILLS INDUSTRIE. PARK
To Lot. 2 email industrial/ service unit a each 1.160 aq ft.

STIRLING

For Sale, modern we re house/workshop “5,000 sq ft and 44 aeria.

fNVERfCEi THING. R&LBCAIOWES INDUSTRIAL ESTATE
To Let, new industrial warehouse units tram 3.50Q aq It,

ROSYTH. PRIMROSE LANE . , _ „

For Sale/To Leu new industrial/wsrehouse units from 3.500 sq ft.
DUNFERMLINE. PITREAV1E INDUSTRIAL ESTATE
To Let. new warehouse units tram 5.500 sq It.

DALGETY BAY. DON I BRISTLE INDUSTRIAL ESTATE
For Sale, modem warehouse/ indu stria l unit 12.SU] sq ft end 3 acres.
GLENROTHES. SOUTHFIELD INDUSTRIAL ESTATE
For Sale or may Let. indusiriol/warehouao and Cold Store accom-
modation. 180.000 sq ft with office and amenity area of 5,500 sq ft,
BROXBURN, EAST MAINS INDUSTRIAL ESTATE
To Lot. modem service/ office depot 3.300 sq ft and new warehouse/
industrial units 4,000 and 8,000 sq ft.

BATHGATE WH1TEHILL INDUSTRIAL ESTATE

For Salo/To Let, modern offices 4,000 sq ft. Modem factory/ware-

hanse 58.000 sq ft.

LIVINGSTON. HOUSTON INDUSTRIAL ESTATE

To Let. 2 small modem induetnal/servlce units each 2,600 aq ft.

GLASGOW AND THE WEST OF SCOTLAND

TAYW00D BITER PRISE CENTRE. RUTH ER GLEN BALM0RE INDUSTRIAL ESTATE. GLASGOW . ...

To Lee. new lactory/warahoasa units T.SOO aq fr Lease lot Sale, modem sinsle-aiorey work ohop/wa rehouse with

PORT DUNDAS TRADING ESTATE. GLASGOW offices. 6.S81 sq ft. 6 months rant free.

To Let, new factory /warehouse units from 2,000 aq ft. Unique haiich ROAD GLASGOW

location adjacent t o ciiy cent re and M8- ... c.u s/s 'warehouse plus ofhcPS 11i150 sq ft adject

MONKLANDS INDUSTRIAL ESTATE. BY GLASGOW For sale, s/s warenouse pius umcca

Development by DC! Scotland Ltd. To Lot, last 3 remaining units Ae , rnlw

netwo* 320 h ’ L °” tCd “ th ° h “ b 61 ** am * a m ° IOrway SfsaW^cKiS^SSRranspqrt depot 13.585 sq
SHAWPIELD INDUSTRIAL ESTATE. RUTHERGLEN acre site. Heating and lighting throughout. Joint agenti

Lease tor Sale, s/s warehouse unit with internal office and toilet King 01-433 moo.

accommodation. 5.924 aq It. Gas fired heating. Joint agents: Fuller POTTERY Mi R fcfci . GREENOCK

Pciser 031-223 9316. To i«r {may Sell), s/a warehouse and offices 11.41

M3 INDUSTRIAL ESTATE. VERMONT STREET, GLASGOW Bpr inklors. gas heating and secure yard.

To Let. last unit 8.600 sq ft sub-aivisibte 2 x 4.300 sq ft. r . ohidiev

AS TRADING ESTATE. GLASGOW ABBEY INDUSTRIAL CENTRE, PAISLEY

Tn Let. -jnirs 3.000 and 10.700 sq ft avallabia. Suitated close to To Let. 2 x 13.000 sq ft tmilH off Renfrew Road a mile frai

M73. M74/M3 interchange. ABERDEEN

ALIENS FORTIES INDUSTRIAL CENTRE — To Lot. new industriaf/wa rehouse developments, 4.750 sq ft to 30.000 sq ft

F« J Salo? t s^'wra l re*mise V plus offices 11.150 sq ft adjacent to city
centrc/M8.

2129 LONDON ROAD, GLASGOW ^ . , _

For Sale. 1st class distributicn/transport depot >.585 sq it on 1.73
acre sits. Heating and lighting throughout. Joint agents: Fletcher
King 01-493 8400.

POTTERY STREET. GREENOCK ^

To Let (may Sell), s/a warehouse and offices 11.400 sq ft.
Sprinklers, gas heating and secure yard.

ABBEY INDUSTRIAL CENTRE. PAISLEY .. _ __

To Let. 2 x 13.000 sq ft units off Renfrew Hoad ** mile tram mb.

OFFICE PROPERTIES TO LET

EDINBURGH

^p^Vwy L rerTrbis?e t d A Gforgi.n Building 9.300 sq ft with perking. vJra^Igh 1 ^qualrty ' ^ff-contsined ,, Z^^onal parking

CRAIG CROOK CASTLE facilities. SuitM from 25,000 sq ft to B2.500 sq ft.

Modern Offices in a parkland Betting in the western suburbs. 5.015 21. 22. 23 end 25 QUEEN STREET h _,__ n,,dv

S q ft. 4 period buifdmgs with perking. Currently being rafurBisneu. Reaay

115 DUNDAS STREET from summer 1982.

New office buitdinq on the fringe of the central area. Suites from a SOUTH CHARLOTTE STREET

2.567 sq It to 19.600 sq ft. Ample parking. 3 floors of modem offices. 50 yards from Charlotte Square, each

91 GEORGE STREET . approximately 3.000 sq ft.

A period restoration of 5,156 sq ft in an A1 location. Lift. Top class ANDREW SQUARE

wrenort erntmr Open plan space at this well known address. Floors Item 2.335 sq

93 GEORGE ST HcEl I* •- 1 1 infl an ft

A new boilding behind e period faceda. Available in floora to 1 fj "■

T27^GEORGE i^ arkln9 - fj K^n^^S^ight building With parking. Short lease

Exceptional ground floor and basement ideal lor banking hell, availa ble.

building society, 3.668 sa ft 17 WATERLOO PLACE c„irn« imn 1 390

ROSEBERY HOUSE, HAYMARKET Rafuibished Georgian building of great character. Suites trom l.JJU

New 67.300 sq ft with parking. Well located at West End. Suites aq ft to 15,683 sq ft.
available.

ABERDEEN

Major new office developments in prime city centre locations, all with car parking
GORDON HOUSE. GUILD STREET — 30,850 sq ft. available September 1382
GRAMPIAN HOUSE. UNION ROW — 46.000 sq ft. available mid-1983
ST MAGNUS HOUSE. GUILD STREET — 77,000 sq fr. available late 1983

OFFICE INVESTMENTS — We will in the next few months be offering for sale a number of first class office investments in lots
from £250,000 and should be pleased to hear from investors who would be interested in receiving details when the/

become available.

I floors 1 o^moSnT^iWcosfsO yards from Charlotte Square, each
approximately 3.000 sq ft.

Open spqciP at this well known address. Flpori Irom 2.335 sq
It tD 11.978 sq ft.

2JJD0 sq f^sufte^hfTtop^iBht building with parking. Short lease
available.

Refurbished Georgian building af great character. Suites from 1,330
sq ft to 15,683 sq ft.

Kenneth Ryden and Partners

CHARTERED SURVEYORS

71 Hanover Street, Edinburgh EH2 1EE Mt“22566t2 ; ^ ^ J

154 West George Street, GlasgowG2 2HG 041-333 0055 . v ; ^
201 Union Street, Aberdeen AB1 IQS 0224 24308/9 '

• — i&m %

Offices

West Nile Street, Glasgow

Prestige office suite of approximately
6,000 sq.ft. on first floor of superb
air-conditioned office block. Prime city
centre location, immediate entry
available. Fully carpeted and finished to
a high standard.

To lease.

St. Vincent Street, Glasgow

Period terraced office building. 3,500 sq.ft
approx, including substantial open-pian
office on ground floor. Four garage
spaces. Ready for immediate occupation.
To lease.

: 3i

^ r „ rr7T: , r .^. r .>.....

Tr* ; J •
>* ! *

Fn% HousaW^ MleSI/eetjQasgow

Industrial

Finnieston, Glasgow High quality nursery units of 2,450 sq.ft.

° and warehouse blocks of 8,000, 9,200 and

New industrial/warehouse units. Adjacent 1 7,200sq.ft. approx. Weii finished insulated units,
to Expressway and motorway network. First class yard space. Immediate occupation,
within 1 ,000 yards of the City Centre. To lease.

Shops

A major relurbishment by

T rafalgar House Developments (Scotland) Ltd.

Savoy Centre,

Saucniehall Street, Glasgow

Prime retail shopping centre adjacent to
F W Woolworth, Marks & Spencer
and Boots.

Last remaining units to let

32 Thistle Centre, Stirling

Prime location. Gross frontage 26ft, 8ins.

Net frontage 25ft. Sins.

Ground floor 1317 sq.ft
Basement 703sq,ft.

Lease for sale. Premium offers in excess of £10,000

46 Union Street, Inverness 44 George Street, Stranraer

Central Gross frontage 22ft 8ins.

location. Net frontage I8ft.3ins.

Ground floor 1028sq.ft

Basement 645sq.ft •

For sale. Offers in excess of £150,000

Surveyors

Prnne location. G ross frontage 38ft. Bins,

Net frontage 30ft.

Ground floor 850 sq.ft,

1st floor 135 sq.ft

Fbr sale or to lease.

Enlmfln 184 St Vincent Street, Glasgow G2 5SG
El VII 1 1 VII I Telephone: 041-221 8345

London W1 ■ City of London • Chicago ■ Atlanta • Cincinnati * Houston * Los Angeles - San Francisco
Washington D.G. • Paris * Bordeaux - UIIb * Lyon ’ Marseille * Nice - Strasbourg • Toulouse -Amsterdam

Financial Times Friday May 7 TQ82

THE PROPERTY MARKET BY MICHAEL CASSELL

ariier collapse shock waves NatWest pays £16.2m Olympia starts in Manhattan

THE COLLAPSE of Gallagher
Group, the Republic of Ireland's
biggest property developer, has
thrown a large rock into
troubled waters. The shock
waves may not engulf the main
Dublin office market but pro-
perty value? are certain to come
under renewed pressure.

The extent to which
Gallagher’s failure will affect
the Dublin property market will
at least partially depend upon
the approach taken by the Re-
ceiver. Sir Laurence Crowley,
towards the group's land and
property holdings.

Gallagher holds an extensive
land bank, including two major
office sites in the centre oF Dub-
lin. A wi descale attempt to
dispose of these assets would
quickly hit land prices and
could rebound on capital values
of exisung buildings.

However, quick disposal seems
unlikely as there are significant
planning problems associated
with the two major Dublin office
sites, Moreover, the Receiver
has made it clear that he is
aware of the damage that could
be inflicted on the market by
rushed sales. Disposals will,
therefore, proceed in an “orderly
fashion.”

This approval will be good
news for a Dublin property mar-
ket that has been flagging.
Prime offire rents, at around
I£9 a sq ft have risen
sharply during the past few
years.* Recently, however, this
rate of growth has slowed con-
siderably as new buildings have
approached completion. Un-
certain tenant demand has
added to the pressures.

The Irish Government was a
major influence on the Dublin
office market last year, taking
around 350,000 sq ft for use by
the Posts and Telegraph De-
partment. The Government is.
however, unlikely to be a major
taker of office space in 1982.

Successful British developers
in Dublin, like MEPC and Lon-
don and Leeds (part of the
Ladbroke Group) have become
more cautious about short term
growth prospects for the office
sector. There is also concern
about what appears to be an in-
creasingly difficult plan nin g
climate. As a result, companies
have been reluctant to commit
themselves to new development
projects.

By comparison. Gallagher
Group, run by 30-year-old Mr
Patrick Gallagher, has retained
a high profile in the Dublin
development market. The
decision to buy, for around
I£20m the two city centre sites
— at St Stephen’s Green and
Earlsfort Terrace— appears to
have played a major part in the
company’s downfall.

With interest rates in the
Republic rising to more than 20
per cent, the cost of funding
these deals has placed an in-
creasing burden on the com-
pany’s finances. Attempts by
Gallagher to recover its position
by selling-on the St Stephen's
Green site appear to have been
frustrated by problems over
planning permissions and sit-
ting tenants.

Earlsfort Terrace may inhibit
successful commercial develop-
ment Disposal of either of the
two sites may not be easy.

The debts of Gallagher have
now been estimated dt just over
L£30m with around I£27m owed
to the banks. Mr Gallagher,
however, has claimed that the
company’s ' assets exceed its
liabilities by at least X£15m and
that the whole affair could be
cleared up by four quick sales.

It appears, however, that the
banks had become unhappy that
the group was not malting suffi-
cient progress towards retrench-
ment while it was also worried
about continuing levels of ex-
penditure. Banking sources say
there was particular concern
at the level of spending on im-
provements to Phoenix race
course, acquired jointly by
Gallagher and two of Ireland's
leading racing entrepreneurs
Mr Robert Sangster and Mr
Vincent O'Brien.

There also appears to be
<;otne concern that present
p lannin g approvals covering

If your offices don’t hare:

V. £ - ■ .

* Economical air-conditioning * 40 car parking jpac!

* Low maintenance costs * Standby Gene Jitor

* Superb natural light

* Facility for Staff
Restaurant

* Digital telephone system

* Acoustic tiled ceilings

. and carpeting throughout

* Bank of England and
Westminster within 15
minutes walk

* Space for up to 750
staff

you should be looking at

8^500 sq.ft

Available for possession in late Summer

' % -• Chartered Surveyors

if M-it Uni i ro C f 1 — - _ _ . ^

-V KwtHo'userfeicsjfiiphSt A-|_£10Q

5. Moorgate London EC2R 7Jt U rOOO DU4U

DebenhamTewson
& Chinnocks

01-2361520

WEST END OFFICES

Oxford Circus
London W1

Victoria
London SW1

Mayfair
London W1

Entire floor in modem
building providing flexible
office layout Available on
attractive terms

Headquarters office building
provid/ngadapfabJe,
refurbished, air-conditioned
offices with immaculate
residential accommodation
and garaging

A superb newly refurbished
air-conditioned office
building with ample car
parking

18,300 sq.ft approx 17,000 sq.ft approx 13, 800sq.ft approx

LEASE FOR SALE
OR TO BE LET

LEASE TO BE ASSIGNED
WITHOUT PREMIUM

TO BE LET

Joint Agate

Baton] naorpa ft Partners 01-834 6BB0
A Howard Mottw 01 -235 2832

Joint Agate

Scott Harden & Associates
Durttam <0325)720976

Kaant

FTffiTS

jjttoTTSIjiSjj

HEW iHDUSTRUL & WAREHOUSE DEVELOPMENTS

First Announcement

KINGSTON, SURREY

HEfiTHROW AIRPORT

SSSO sf. to 13320 sf.

9500 sf. to 49400 sf.

Immediate occupation
Joint Agents:

Debenham, Tewson & Chinnocks

9 High office content

O Prestige Main Road location adjacent
to Heathrow.

Joint Agents: Dunphys

WOOBURN INDUSTRIAL PARK
WOOBURN GREEN. BUCKS.

5824 sf . to 33720 sf .

Joint Agents: Conrad Ricblat

clive lewis
s partners

16 STRATTON STREET
MWFAIR LONDON WlX 5FD

01 4991001

PENSMAN NOMINEES, other-
wise the National West-
minster Bank Pension Fund,
has emerged as the pur-
chaser of 80 Cannon Street,
the Trafalgar House-owned
office bloek which has been
sold for £16.2 am.

The 37300 sq ft building,
developed in 1976, represents
a highly reversionary invest-
ment and commands current
rents ranging from around
£13.30 a sq f t to about £26
a sq ft. It is folly let and
tenants include Astley and
Pearce and several overseas
banks.

• Canadian Dutch Properties,
the CEHP-Wereldhave joint
company, has revealed that it
wants £12.50 a sq ft for Dorset ’
House, the former IPO offiee
building on the Thames’ *
south bankrnow being refur-
bished. Jones Tang Wootton
are seeking a tenant for the
89,500 sq ft bonding where
an asking rental nearer £14
was being assumed.

• Hewjett . Packard has
agreed to take all 23,412 sq ft
of Basel emere Estates’ Bride-
well House development at
Brideswell Place, London
ECl. Rent is £1495 a sq ft

Industrial stamp issue

Patrick Gallagher has been a
powerful force in the Dublin
property market over the past
few years and it is difficult to
imagine the development sceoe
without him. He says however
that be is not giving up. Speak-
ing about the future for him-
self and his brother Paul, he
says : “We know how lo dig
trenches and build houses, so
we can always do some thing ”

Meanwhile the Dublin market
will face a testing few months
as it absorbs the impact of Gal-
lagher’s Group's failure. •

BRENDAN REEK AN
AND ANDREW TAYLOR

LAST WEEK’S call for original
ideas to help offload the present
stockpile of older industrial
space (together with the impli-
cation they could be easily
accommodated on the back of a
postage stamp) brought at least
one spirited. microscopic
response.

4— ■**■- L-.L | - [J .

5- J> U|t itw we.

IM«|W «LmC

^ **”&*»-

. Christopher Armon-Jones.. an
agency partner at Drivers Jonas,
decided to take issue with the
suggestion that older space was
necessarily languishing empty
and unloved

His message, reproduced here,
claimed that it is older property
which has actually beeo easier

to move during the recession
as it is held at historic cost
and> therefore, enables clients
to consider reasonable terms for
disposal.

Given room to elaborate, he
accepts that older propertv has
to' fulfill certain basic criteria
— single storey, sound flooring,
reasonably clear spaces, etc —
but says that take-up of this
type of acommodation is going
well.

In times of economic growth,
be adds, occupiers will opt for
modern acommodation but those
expanding 2 t the moment will
— rightly or wrongly — go ’ for
what is apparently the cheaper
alternative.

"In terms of square footase,
we have been letting or selling
as much, if not more, older
space than new accommodation.
I am not talking about old mill
buildings in Bolton but practi-
cal-sized units of reasonable
quality."

CONSTRUCTION' work is just
about to start on New York’s
Slbn World Financial Centre,
the lower Manhattan office
scheme which seems likely to
transform the local property
market

The Olympia and York devel-
opment represents the culmina-
tion of longstanding attempts to
inject new life into the city’s
financial district, which has
been declining in the wake of
the drift towards the more con-
genial midtown district

The prospect of another 8m
sq ft of office space being added
to the market, which had
already been losing large
tenants, gave rise to widespread
scepticism about the lately suc-
res of the scheme. An unprece-
dented building boom is also
adding enormous' amounts of
space to the midtown area.

Bat the recent decision by
American Express lo commit
itself to a S2bn leasing deal
with Olympia and York has
cleared away many doubt sur-
rounding the project located on
a 92-acre landfill site.

American Express was
enticed into taking the largest
of four office towers by what
appear to be specially attrac-
tive terms offered by Olympia
and Yo-k- Apart from offering
a fixed rent for 35 years,
Olympia and York is buying
.American Express’ existing
headquarters the other side of
Will Street for 8240m, over
seven times what it paid for it
only eight j’ears ago. Amex also
gets 2 n option to buy half Us
new building when the lease
expires.

CLOSE TO

Norwich

City & Holbom
WC1

Superbly .
Refurbished
Office

Accommodation

2,300 — 12,000 sq.ft
New Leases

Rent £7.75 per sq.ft p.a.
Ml aoenities
With car parking

All emukies lo Sot* Agents

An opportunity to occupy
a 48,000 sq. ft. warehouse to be
purpose built to a tenant's
requirements close to the Ring Road.

Available for occupation spring 1983

* + + r~*~

■Chrararf

Swwyora

13-15 St. Georges Street
Norwich NR3 1AB, Norfolk.
(0603) 617338

WORCESTERSHIRE

SUPERB MODERN

HEADQUARTER
FACTORY-
WAREHOUSE
55,000 Sq. Ft.

on 33 acre site
TO LET

(Freehold possibly available)

□□Grimley & son

□Qo21-236 8236 cf

?Vr»?Srr 'f'y.nrr.&S k-ai ;

LUXURY TO LET!

Short or long term lets are now available at the Drake
International Business Centre, the ultimate in prestige office
accommodation. The service is the best, backed by the Drake
renowned expertise in office services. Make our centre your
new base, your needs are our concern.

For free information on how co avoid legal fees and move in
tomorrow, call Diane Bridges on. 734 0911.

EASTBOURNE, Sussex

SUPERB MODERN FACTORY

50,000 SQ. FT.

Subdivision Possible

FULLY FITTED & READY FOR
IMMEDIATE OCCUPATION

* Excellent Omc« 6.QD0 vo. ft.

* Lirse Site 2.55 Acres

rt Heating. LifihUna and Stas Facilities
$ Good Yard & External Star* Be

FOR SALE

I Stiles Horton Ledger I

Tel: (0323) 36244

The exact terms of the lease
have not been disclosed,, but
Olympia and York have been
touting space in the scheme,
formerly know as Battery Park
City, jfor about S35-4G sq ft, well
below midtown prime space
rates of as. much as S60 sq ft
The American Express deal
means that over half of lie
6m sq ft project has already
been leased. Ames is taking
2.3m sq ft while City Investing.
a New York financial concern
another 1.1m sq ft/ -
Battery Park City has 'a - his-
tory that is as chequered as its
scale is targe. More than ten
years ago, the city of New York
decided to reclaim, land off ihe
southwestern tip of ‘ManbattoTv
nest door to the con^e^ed
financial district around Wall.
Srt'ept. The site iu+s out
the -.famous ivriTi towers of the
Wor'd Tr’de Centre

.*> hn?t pf nrnhlemc. iq.
rijirt'nq ii7>pariafiit ! os

»hfit Jaf«o rnpl T>rO-

iark, (1'll'ivoH Ti»oorrac<s I1JT*-?| f\vQ
?<ro «'h«n ntn™ than p

diwn i I'ownmiiw wpro invited
to h'/t ffyr |’»»KI* 1 TpHon.

. Ol v mwio •>Ttd VoHr wjvrb hrrt
pnl-r ropo«<tT» pct^hlichori jl-qalf .
«n y®V/ Va~V. *"on 7 -iair/-T ha.

!t to hii’ld

tha-» hs - Ic. n;i.Hi i
pomntoflfvn iyF lQ.q7 ( r.'h’oh

J t pn.ar h»»n'»s to hoaf hy as ITUICh
AS two V-»*irO.

The deal was specially bold
the finr-ncial dlstricl's con-
gested and ill-served neighbour-
hoods had already driven many
large comivinies and banks into
the mid-tov/u district and con-
struction of the world fra.c'e
centre and major blocks like

the new headquarters of Chase
Manhattan and Merrill Lynch
showed that some people, at
least, intended to stay put, it
was viewed as a district, in de-
cline rather than on the way up.

. The. . city » was anxious to
arrest tbs drift from Wall Street
and offered an attractive tax
package. Last October it
agreed to let Olympia off taxes
for the first ten years and then
to only seek rapayment of part
of what was due with interest
calculated well belov/ market
rates. The deal, worth, many
millions’ of dollars was roundly
eritictefid as being unduly
generous to a wealthy real
estate developer, though other
conrsrfer had dour better in
th*> nast.

The net pffect, however, is
that t he comb’natioTi of attrnc-
land ’^.lii^s and tax. breaks
will enable Olympia and York
to brdvet lower deveieure.en*
nsrs then srg'u otherwise hav?
been th'* cose and to offer
tenants ntfactive rates. -

Mr .’Sdi"! ard Mrnsfcnff. esect:-
tive vice-president of Olympia
would, not be spec ; fic about
costs. But he said in an inter-
viaw that construction would
r.no«int to a minimum of SlnO a
souaye foot comrcrcd to 51 S 0
foT roost curreni projects.

With site rioi-nrc* under was
and cor struct 'oi due t«' he?ir
in a matter of days- Olyrnpi?
.oofj hn»-*s fn ?nve i*

finished by 1985. Mr Minskcfi
save he is corfHsrt Th«; o*het
tenants •■.ill.h? withlr

<?S\ n-anths end cor st ruction o r
♦bp swn .owe.-s. which as ye 1
hrve. nc eccup'ers lined up, i.«
to g? ah''?,!.

I. K .

'is

1 . *
I'sti

HASWRfflERSS^BTH, . W6.

Modern Distribution Centre
18.500 sq. ft,

FOR SALE FREEHOLD

LONDON Nl.

Freehold Headquarters Building
21.205 sq. ft.

FOR SALE

PETESB0R08J0H

•41.730 sq: ft. on t.95 acres
Factory and Land
FREEHOLD FOR SALE/TO LET

ROYSTGN

New Factory /Warehouse Unitr
2.400-73.000 sq. ft. . '

TO LET

SALISBURY

Showroom /Garage/ Workshop Premises
21.170 sq. ft.

FOR SALE FREEHOLD

SOUTHAMPTON M27/M271

Warehouses Under Construction
12.000/19.400/31.400 sq. ft.

TO BE LET

TONBRIDGE

New Warehouse/Factory Unit
12.160 sq. ft.

Ready Now -
TO LET

WALTHAMSTOW EX 7.

Modern Factory /Warehouse and Offices
M300 sq. ft.

TO LET .

ICing&Co

Chartered Surveyors
1 Snow Hill, London, EC1
01*236 3000 Telex 835435

Birmingham • Edinburgh • Leeds • Mancfasster- Brussels

' f ■ - •• i. J- ... -± - tw* g >.-H - 5 -—.

e^-’ -.f; -T> <r>-T,

•i- r >

$ 20 Hill Street i

i Mayfair London W1 |

| An imposing self- contained £
| building comprising 7,560 sq ft $
| approximately. I

ijt Suitable for a variety of uses f
g subject to planning |

p permission, v..;- |

1 Lease, for sale r 5

Debenham Tewson
|> St Chinnocks

01^4081161

Close to toe Baltic and Lloyds

6-12 White Kennet Street

Storage accommodation , .

hr--

i

F 64
1 ^

YS>

19

-B\* ',v

]

.»-. - ■.% ■

Financial Times Friday May 7 1982

READING

PRESTIGE NEW
INDUSTRIAL DEVELOPMENT

23,600 SQ.FT.

IDEALLY SUITED TO
HIGH TECHNOLOGY

ORIENTATED USER

£ Reflective glass
to office elevations

❖ High office content

❖ Superb specification

❖ Self-contained site

Completion June 1 982
All enquiries to Sole Agents:

Consultant Surveyors [5

9 Caste Street •#

Reading RG 1 7SB IjlDSOll

And at Swkxlon, Witts.
Telex: 847386

Eley

We wish to buy NOW.

The Wiggins Group is interested
in the immediate acquisition of:

Land or existing properties
with commercial, industrial
& residential potential;

High yielding
investment properties.

Please contact Patrick Blake or John Pile
at Wiggins Group pic,

2 1 Bentinck Street, London W1M 5RL
Telephone 01-486 5075. . >A

Wiggins

Location

Bracknell

Location
Town Centre

Location
Miller House

Liiraa

HBBBISS

Healey & Baker Bell-lngram

6299292 4371274

ANOTHER MILLER DEVELOPMENT

Moorgate

For Sale

(with Vacant Possession)

Jones Lang the city surveyor

* 'V. - CORPORATION OF LONDON:

' * Ch.vt«M!S«rvC,ofi N3C».*CV.i?i:J

0P63S6C4O - 01-636 3030 Ext2533

Miller Buckley Developments Ltd

ST GEORGES HOUSE

UORLEV

U23 JUNCTION 9, 2 ISLES; U258NUJES

GATW1CK AIRPORT 2 MLES

25,950 sq.ft.

superb office development

• AIR CONDITIONING • DOUBLE GLAZING • LUXURY PENTHOUSE SUITE

• TWO AUTOMATIC LIFTS • 64 CAR SPACES • 3 CHANNEL UNDERFLOOR DUCTING

Jmm SdcAcam

Ik t) Knight Frank&Rmley
M££S^S0F€298I71

crnoiv
>m'il.h & G

Chartered S-.'ruevur&'and
Property Consul Ian 1 .;.

32 Vioqi i3 Roarl, Hoiley,

S<irr«BHS7PZ

Tsi: 5454

Opposite Underground & B.R. Station

Exceptional New Air-conditioned
Office Building

- i • 12 Minutes Service to Maiylebone

Station

• Adjoining multi storey car park with
. 450 spaces

.... . e Adjacent Main Shopping Centre

— • Immediat ely Accessible to North,

■JUfcv Circular, A40, M4 & Ml Motorways

** • 20 Minute journey to Heathrow

Airport

UP TO 133,500 sq.ft.

Occupation September 1982

► Extensive Private Parking ® Telephones Installed
• High Standard of Specification

Jones Lang ■

103 MOUC* Slrftt
London W1V6AS

A Major Office pevelopment by
M J. Gleeson (Contractors) Ltd.

Tolworth, Surrey

- Sole Agents:

-NORMAN & HUGGINS

6 HIGH STREET. BOOKHAM; SURREY: TEL: 57011.4.

LIVERPOOL

173 Regent Road

LEASE FOB SALE

STORAGE ACCOMMODATION 90.138 sq. ft. within a parabolic shaped
reinforced concrete building. Length 543', width 166', maximum height
86'. Floor designed for heavy loading.

DETACHED BUILDING 5,000 sq. ft. comprising offices, locker rooms,
kitchen and dining room, central heating and car park.

ALTERNATIVELY the building is ideal for use as an indoor Sports/
Leisure Centre.

Offers in the region of £320,000

Berry TFMPLifc^

Property ■

i -

CIH OF LONDON BORDERS

(BANK 4 MILES)

Excellent Road - Rail Communications

50,000 SQ. FT.

New OFFICE Building

CAR PARKING FOR 100 CARS

FREEHOLD or TO LET

DESIGN & FINISHES TO TENANT'S REQUIREMENTS

Avaifabfe SPRING 1983 Enquiries : Principals only Box T5577 Financial Times

10 Cannon Street. EC4P 4BY

1 * ' X 4 . - ’«T

' - ; - v ~ '•

A new approach to distribution
and manufacturing centres providing
high quality custom-built units.

from S^OCsqil-fi^OOOsqit

By BIRMID QUALCAST
ESTATES LIMITED

OOGrimley & son

RBUHB31 CHiffTiFO SIFlErdRS Tti j

LB U 021-236 8236

St PhSip'3 Place Birmingham B32QQ

. *,< *, . rl-.vv

ECCLESTON SQUARE
LONDON SW1

SELF CONTAINED
FREEHOLD REVERSIONARY
OFFICE INVESTMENT
APPROX 5,500 sq ft

LET TO SECURICOR LIMITED

CURRENT INCOME £31,000 p.a.x.
SOLE AGENTS

FRASER WHYTE & COMPANY
84 KINGSWAY LONDON WC2B 6SD

01-242 7617

C^Peim Wright

146 HIGH STREET- COLCHESTER- ESSEX CGI IP'.V • TEL : (C£Cbi 46161

ALSO AT IPSWICH AND SAXMUf 1DHA.M

FOR SALE BY TENDER
(as a whole or in lots)

GREAT HOLLAND HALL

Nr. FRINTON ON SEA. ESSEX

Substantial Farmhouse, Cottage, extent iva buildings and excellent
st tong com growing land extending to

524 ACRES

4 SEMI-DETACHED COTTAGES
LIGHT INDUSTRIAL LAND extending to 14* ACRES
WITTON WOOD FARM
36J ACRES

Situamd directly adjoining Residential povolopment at
Frinton-on-Sea
IN ALL 576 ACRES

CLOSING DATE FOR TENDERS 2nd JULY. 1532
Particulars, Plan . Conditions of Sale and Tender Form, from the Agents

On the in si i actions of F: icnds 1 Provident LiteOffice

A

BOW HOUSE

74 CHEAPSIDE
London EC2

A superb refurbishment offering

7,410 sq.ft.

of modem offices intheheartoftheCity

Joint Letting Agents

W . . BSIHillier JRarkerl

Weatherall
Green & Smith city

• * SirJiiFioi LcnduiECJM J£N

01-6389011

OlY OK LONDON OFFICE
159 King Siren, London ECiV SBA

01-606 3851

■ fh life till®

i mm

. ....t }

'. i}\ . -■■•;■,".■•' ..: - ..:• v -:- - *.. : • ■».. .;, ;- y* . .

i : ' :: i As# ! *§^-pi s

« * fcoitg&t •$;

3V3>

— MV v 1*V.

MODERN SELF-CONTAINED AIR-CONDITIONED
OFFICE BUILDING

SQUARE 1 1 ,255 FEET
TO LET

ONLY

£12.70

PER SQ. FT. APPROX.

APPLY SOLE AGENTS

ERNEST OWERS

AND WILLIAMS

103 PARK STREET, LONDON W1Y 4JH
Telephone 01-629 8386

Sliaftesb ur^ Avenue, London WC2

Sirmr-ing tip the 1 Snisr.c&cc opporjcnin'^ '-
OenirsJ'Landon u^ay-shustccTcn Cai%i#: -
Circus, 2t ihc i unction pEShanesburv Avcnire&id .

G hari Gross 'Roii pcfn^t^ : .^m‘ep5ih.c'e^i«t
ccmmunicanoas aiaP aopss •

.• Ap^ctcruately J4?;000,%iafife«t; jotpnmltpmc^s
an nir.e Cc^rTi«:p^c/oropcn^>ar.Cinc4llol2ru?-c

roictcorcplstc prim i7irilnpj« cf iocis ■' •

Added fccnents.tBcluci'H- v r ; .V. '•

•\i 2 hixaiiousl y ; fi^shrf'to'tranre&TecpucmaTtas.
^ Ensrgv'saving^hang. htaiirrgi aatari&rioiunjr

y. stems •_ ' '•'• : -• V : ". ; C /-v : ' ;--Vr : ;

■v< : 6 high'specdiLfK-Ci- Basernect car parting.

^-PhilBps# OOMAABX' it) cpbone exchange ready .
^stall^jacrvapl^^.mcdiateoccupadoa

WHcheyer wav you do your
sum^ Vou must see. 125 now!

•. - **,:■£'.$. G'-' ^ T V.

-*T-. HI* ■*- ' ‘ -- "

Healey £ Baker

Stiles Horton Ledger

Amenities

* Heated swirmning pool

* Central heating
throughout

*200 parking spaces

* Computer suite

* Boardroom

Enquiries to joint agents:

Jones Lang iWta

IB Gfkjrebge Road Eastbourne bnzi «hl

(0323) 36244

■ 103 Mount Street London wiyoas

01-493 6040

VIDEO CASSETTE available on request

Apply to Box 75632 for details
Financial Times,

10 Cannon Street. EC4P 4BY

DUMFRIESSHIRE

POR SALE

WITH VACANT POSSESSION
PRODUCTIVE HILL FARM

WITH

FORESTRY INVESTMENT POTENTIAL
2700 ACRES OR THEREABOUTS
Further Particulars from:

Car ■ blln A Aatocbltc
■ - - 42 Tfeo Sour?, Kelso

Tel: Kette’fOS 75) 241SS/23B08

BOLTON

9 ACRE. INDUSTRIAL

ESTATE

J Mills. 3 sere field with P.P.
Income £60.000 (potential
£130,000):

R.L MASON,

43 HARTINGTON ROAD. BOLTON

If you’re on the scent of any
interesting developments,
put us on the trail - today!

have a nose for finding situations that you think migb the

theM40
Office Buflding”
All the advantages of Low Rental
All the advantages of a SuperbLocation

HIGH WYCOMBE

23,0.00 Sq. Ft. MODERN
AIR-CONDITIONED OFFICES

* AVAILABLE NOW

★ LOW RENT (APPROXIMATELY £5.60 PER SQ FT)

* PARKING FOR 78 CARS

★. POTENTIAL FOR HIGH
TECHNOLOGY USE

★ NO LOCAL USER RESTRICTION

Sole Agents

R AFFFTY 30 ^ rGH ETREET *

WlCTCl AX FTl H,GH wtombe.

X? bucks hpm 2aq.

Chartered Survnars

TEL (0494) 21234

h^hht~'

RIGHT SPACE!

RIGHT PLACE!

40.000sq.fl: of Air Conditioned Offices

JobitLeMnfl Aganta:

Jones Lang

AT THE RIGHT PRICE!

Excellent modem factory
75,800 sq ft in Skelmersdale.

With all amenities
and 3V2 acres for expansion.

RING US NOW!

ChamdSweyors
103 Mount Street
London W1Y 6 AS
Tel: 01-493 6040

il uimi d Smrw,

26/28 Sackville Street
London W1X2QL
Tel: 01-7348155

mm m

MM

CRAYFIELDS
INDUSTRIAL PARK

StRMJLS CRAY HROMLEYKENT

New Light Ind/ Warehouse Units
10 , 000 - 80 , 000 sq.ft approx.

FULLER

PEISER

CliirtavJ Surwc'Tn

UDdAcnSbyat
M aylar

London WIY7FA

01-4998931

Tobebuiltto
tenants requirements

STB

A prestige, 16,000^ a re botonicc development with
car parking, in the Cirys commercial heartland

9 Ilnishcd lo a \ery high
standard- OFuIN carpeted
C' AuIomafir R person lift
/sOv © Eleven car parking spaces

Healey & EEJaker

plra^ronutl iitKcr *

f .... . . ..„ T InUla WBWt.lwftn

DfifteWimR^rms. 2 9se.e«M<s«i SEfrawf, Hanav*r Square,
London W1A31G M-629P292

'x^rj Weatherali
Green & Smith

WALLINGTON Surrey

Modern

OFFICE BUILDING
7,750 sq. ft.

FOR SALE FREEHOLD

EDWARDSYMMONS

56/62 Wilton Road. London SWI V J DH

SLOUGH

Prestige OtSices

To be let

inc 24 car parking spaces
10,900 sq ft — All amenities

Chartered Surveyors

01-734 8155

Lerring

Wilson

Smith & Partners

FOR SALE

BRISTOL

Freehold Factory
Premises
80,000 sq.ft on
2.7 acre site

L CC C
E Et B

FOR SALE BY PRIVATE TREATY WITH POSSESSION

NORTH WILTSHIRE

(M4 2 miles CAariboiovgh 6 milesj

A FIRST-CLASS RESIDENTIAL AND COMMERCIAL
ARABLE AND STOCK FARM
of

609 ACRES
(Predominantly Grade Ul

Attractive Character Farmhouse. 4 Cottages. Excellent Stabling. Gallop.
Term Buildings and Corn Handling Equipment. Particulars Irom Sofe Agents.

NORTH WILTSHIRE

(M4 4 miles Swindon 7 miles Cirencester S miles)
RESIDENTIAL AND STOCK REARING FARM
of about 115 ACRES

with attrBctlvD Farmhouse, modernised in keeping with' its character.
Useful traditional range of Buildings. Stabling etc. Stalf Bungalow.
With Vacant Possession fox. IS acres approx.).

BLAGROVE HOUSE, 2 NEWPORT STREET. SWINDON. Tel: (0733) 33301.

SOUTH HAMPSHIRE

NEW INDUSTRIAL DEVELOPMENT

OF APPROX 32J500 SQ. FT. DUE FOR COMPLETION IN
MARCH 1983 TO ATTRACT?—

1 00% ! B A’s

CAPABLE OF DIVISION INTO SMALLER PACKAGES

For turinrr Information contact:
SUTTON'S COMMERCIAL
Chartered Surveyors
A Brunswick PI- Southampton
Tell (0703J 35533

ROBIN HART
Raskin Chambers
191 CoroornHon St.
Blww- B4 GRP
Tel: QZ1-236 4942

Osmond,Tricks

' -v ■ '‘and ssn.at^ered'SCr'.'evof^;;-

ROYAL BOROUGH OF KENSINGTON 8r CHELSEA

5 PRIME SITES AVAILABLE

/BOLTON GARDENS et al)

Properties now used as a hostel group
Admirably suited For conversion to luxury flats
For further details contact;

01-373 6933; 01-878 1349.

7 & 8 Queen Square, Bristol BS1 4.JG. Tel; (0272) 293171.

DEVELOPMENT FINANCE

Leading Public Property Company will consider
Acquisition / Funding / Profit Participation for
commercial or industrial schemes capable of
early implementation and subsequent sale.
Preferably southern England — £l-2m.

Write Box T.5H72, Financial Times

10, Cannon Street, EC4P 4BY

Abbey Road
Industrial Park
NW10

High ly fin Ished units,
2,600 to 24,500 sq ft .
now available in Park Royal
To Let

Electric loading doers,
excellent patting and
loading areas and superb
carpeted offices .
with heating ar.d lighting

IVIES,L£!3SH

SHARDiNG

01-4936141

Kim&Co

01-236 3000

PROPERTY

WANTED

WANTED

Open Storage
Land

About 5 acres

Surrcjr/Hampahire Borders
Preferably Leasehold

Contact: THORNTONS
Chartered Surveyors
Woking 62411

LONDON

15,000 SQUARE FEET OFFICE DEVELOPMENT
Desj0nod and built to your own specification
PRE-LET TERMS OR OUTRIGHT SALE
EPPING FOREST SUBURBAN LOCATION
20 minutes rail link CITY
t, mile MJ1 access (M2 5 In 1983)

. - R. L: NASH FRICS _ •

114 George Lena, South Woodford, London E.18 Q1-983 77?6

INVESTMENT
COMPANY
FOR SALE

Holding six well-located
shops in S.E. London. Let
to first-class covenant.
Producing £25,000 pa ex

EDWARDSYMMONS

SHOPS
AND OFFICES

CENTRAL WATFORD — New office develop-
ment — erestige suites of 3.000 sq. ft.
■ •^liable T 984 — -Gordon Hudson & Co..
Watford 39711.

LEIGH (Lancs.} — Superior modern shops,
multiple tenants. F R. A I. lease.
JOHN ALKER & COMPANY. Chartered
Surveyors. 58. Bradshawcate. Leigh.

NO LEGAL COSTS OR FEES. Same day
occupation at luxury- fern. A aery, offices
with all amenities throughout Central
London and City. SPACE BANK 01-734
5043.

OFFICES TO LET

Regent House, W1

CLOSE HANOVER SQUARE
- Superb Offices To Let
500-6.500 SQ FT
Very low outgoing*

All smsnitles
Sold Agent':

PILCHER HERSHMAN
01-486 5256

OFFICES TO LET

IN

FURNISHED OFFICE COMPLEX
DUKE ST, WI.

1 50y 1. 500 sq. ft Telephones, telex,
ail senricea. Superb luxury bldg.
No legal fees. Move in today.

Calf: 01-486 3531

INTERNATIONAL PROPERTY

SPAIN-COSTADELSOL
Planning aVisit?

Let us arrange for our representatives
to showyou an extensive range of resale and
new ViJ/asaridApartmen Is along the coast.
WEINVITEYOU

■ to see what we have to offer before you visit.

SPANISH EXHIBITION

Tara Hotel- Off Wrights Lane. Kensington High St
May 12 and G. Noon to 8 pm.

Apartmentsfrom £25,000. Villas from £35,000.
In conjunction with Galvez Canero, Puerto Banus.
For further information:

CF Singleton & Co
55 King Street

PAr

22 Chancery Lane
London WC2A 1LT

Manchester M2 4LR

ESS

01-405 6944 1

061-832 8271

UjMj[

Chestertons

- . •. Oil; 11‘tyr «;{f *u rvi-yin*. ‘

;i 16 Kensin gton H i gii’ S'frott; Lc-n,dc>r,',\V3 Zi? NY '
Telephone: 01-93 7:72i44';TeIex: SkooS'SO-'- *.'■ ;; Y

PRIME NEW YORK LUXURY CONDOS

Ideal for investor

Shows excellent & immediate return

Elegant and spacious condoe In entirely newly . constructed luxury building
in Upper East Side of Manhattan.

2. 3, 4 end 5 bedroom apartments
1,500 10 2.500 so ft (140 to 233 sq metres)

$280,000 to 5750.000 USS
Substantial discounts for "bulk purchases'*

Cell or write Immediately lor brochure end additional information:

Metropolitan Living, Ltd.

525 East 80th Street, New York, N.Y. 1002!
212-772-7771 Telex: 427-824AVI

IN THE MOST SOUGHT-AFTER
CENTRAL AREA OF MUNICH

(W. GEBMANY)

w« have office space available from approx ISO sq. m. This has
been designed for businesses who require luxurious office
premises of 'the very highest quality. The office interior is
completely fitted and furnished to suit every taite with its
functional and distinguished decor.. The . price for. furniture
and fittings is DM 350,000.

For full details please write to Box T5678
Financial Times t 10 Cannon Street, London EC4P 4BY

LUXURY 2 bdrm APARTMENTS

fully furnished & MuiBPCd. adiaeent to. aH-sieoes. BOH and horsehaek rktlnfl.
at BIG GEAP LAKE. California’s premier year-round resort, within X hours
drive from all International attractions (Lat Vegas. . Disneyland. Palm Sprtnos.
CKI.

Full manasrcmcnt/tettkig service on alte makes these urtts perfect tor Uio
absentee overseas buyer.

Only 20% down with excellent mortgage terns

Price from: 5129,500

For hill details wrKa to BOX T.SE79. Financial Timas
10. Cannon Street. London. EC4P 4BY.

HOME-INCOME-INVESTMENT
in Southern California

18 unit resort lodge with 3 bedim house.- retail unit. pool. Iacucb.
games room and outdoor recreation, . on 2 acres of laksviaw at
BEAR LAKE, Southern California's leading year-round mountain resort -
— only 95 mHea -from L.A. _

Only $350,000 down peymant with excspUonally low Interest financing.
Price: S1.050.000. . ■■ , rna _

For further details wt He to Box FTT368D. Finance! Times
:i0 Cannon Street. London : EC4P 49Y

FLORIDA INVESTMENT ..
PROPERTY

296 townhouse apenmems plus
small shopping centre located in.
Tampe. Florida. .Price S18. 700,000. ,
Suggaeted terms: S1.9C0.000 cash
down-paymBnt, a mortgsee . of
57,000^700 at 10% Interest only for
Sis (6J years. - - -

Write P.O. Bax 230
McLesn,- Vtriglnla 22101, USA

INVESTMENT & LAND
DEVELOPMENTS

Frcobold :.(and with' planning oar-
mission and planned residential
dovefopmontB lor private or . cor-
porsto- Investment participation up
to a maximum of 50%. A minimum
of 50.000 is. required, short term
1 .3 yearn yioldmg high- returns com-
pared with, iho UK property market.

OPS Ltd.’ Tel: 438’B3Z8 (24 b«>

0!d s. :

7.9 \\

- ■?■. .j

r .. ; ,L t c

*• * ^|l>.

.

■ <:;. 1 »Y
v\t'*

CTat? 1 ^

- ■■ - "\ •. ‘ ,!| > ■

TO ^

;.^syi

PC To

■■■' *v LSI

• •• -•- '■:■•■ $
«£ ST.Wi

«».*i s ;

'-’ — 1 U 1.10

;•

\

6.40-7.55 am Open University
(Ultra High Frequency' only).

9.00-12.10 pm . For Schools,
Colleges, 1250 Nows After
Noon. 1,00 Pebble Mill at One.
1-45 Heads and Tails. -2.92 Far
Schools, Colleges. 250-255 Week-
end Wardrohe.325 Pobol Y Cwm.
353 Regional News for England

I except London). 3.53 Play
School. 4.20 Undercover Elpphanr.’
4.25 Moke 'Em Laugh. 4.45 News-
round Extra. 3.00 Blue Peter
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5.40 News.

6.00 Regional News Magazines.
622 Nationwide.

6.45 Sportswide.

7.00 Are You Being Served?
starring John Inman and
Mollic Sugden.

750 Odd One Out: quiz game
with Paul Daniels,

8.00 The Enigma Files: detec-
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Adams.

8.50 Points of View with Barry
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9.00 News.

9.25 McLain's Law starring
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10.15 Militant Tendency . , „
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and South-East only).

10.45 News Headlines.

1050 Amateur Boxing: “The
George Wimpey ABA

Championships.

1150-1.25 am The Late Film:
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ring Dustin Hoffman and
Mia Fa rrow.

All 1BA Regions as London
except at the following times:-—

« _ ANGLIA

1.20 pm Anglia Nows. 12.45 Frrfay
F,lm Matmce: " The Oracle." starring
Roberr Beany and Morvyn Johns. 6.00
About Anglia. 10.45 Bianre. 11 15
Mambor? Only 1.45 Friday La a Film:

The Death Ol Richie." starting Bon
Gazzora. 1.15 am Dear Diary.

BORDER

„ 1-20 pm Border Nows. t2.45 Flint!

‘ You’re Only Young Twice.” starnr.a
Duncan MacRaa and Joseph Tonicity.

6.00 Look a round ftiday. 6.30 The
Elcctnc Theatre Show. 10.45 Worth

•Cooping. 11.15 Danger JXB. 12.15 an
Border News Summary.

CENTRAL

1.2D pm Central Now.. fZ.45 Starring
Richard Burton: " Green Grow The
Rushec.” 6.00 Central News. 10.45
Soap. 11.16 Central News 11.20
Starring Richard Burton: " Bluebeard."

CHANNEL

II 5S am Look and See. 12.30 pm
Channel Island Airways. 1.20 Cnanne:
Lunchjimc News. What's On Wrtcre.
and Woathor 245 Tlie Friday Mitmcc:

" The Gut On The Late. Late Shew."
5.15 Emmrrdsie Farm. 6.00 Channel

(5) Stereophonic broadcast (wben .
broadcast on VHP)

RADIO 1

5.00 am As Radio 2. 7.00 Three Men
In A Boat (S). 9.00 Simon Bates. 11.30
Dave Lee Travis. 2.00 pm Srcvo Wright.
550 Ncwsbcat. 5.45 Roundtable. 7.00
Andy Peebles. 10.00-12.00 The Friday
Rock Show (S).

RADIO 2

5.00 am Ray Macro (S). 750 Terry
Woven (S). 10.00 Harry Carpenter (S).

12.00 Gloria Hunniford fS). 2.00 pm

Ed Stewart fS) including Racing Irotn
Lmgfieid at 3.30. 4.00 David Hamilton
(S). 5.45 News; Sport. 6J30 John

Dunn (S). 8.00 Take Your Partners

m the Radio 2 Ballroom (S). 8. 45
Friday Night Is Music Night (S). 9.55
Sports Desk. 10.00 The Random
Jottings of Hinge and Bracket. 10.30
Alistair Cooke (A.- personal view of ;

TELEVISION

Chris Dunkley : Tonight’s Choice

In Newsweek on BBC-2 Keith Kyle reports from Taiwan
and Washington on the shifting pattern of international relation-
ships between China and the U.S., Russia and China, and the
U.S. and Russia ai a time when America's relations with China
arc once again critical. Brezhnev has decided ihe time is right
to play the China card in an attempt to win back the Chinese
to Russia's side. Kyle makes it dear that this is not unconnected
with America’s decision to sell SfiOm-worth of militaiy equip-
ment to the anti-Communist regime in Taiwan.

Ian Richardson, Rosalie Crutchjey and Lee Montague star in
" Playhouse " on BBC-2, Passing Through by Rhys Adrian, Arthur
(Lee Montague) a railway worker is in the pub drinking the
first of his usual nightiy four pints when he is dragged into
conversation. by Richard (Ian Richardson). Although an unlikely
couple, they establish an understanding and Arthur is reluctant
to leave Richard on the kerb when the pub closes. He does so.
however, and returns to his wife Beth (Rosalie Crutchlcy). Nest
morning brings Arthur some bad news and a puzzling discovery.

On Radio 4 Kaleidoscope, which is presented by Sheridan
Moriey, covers the Chichester production of Shaw's “On The
Rocks” and the National Portrait Gallery's exhibition of Bill
Brandt's photographs including portraits of Graham Greene,
Picasso, and Benjamin Britten.

6.40-7.35 am Open University.
21.00-11.25 Play School.

1.00 pm Snooker and Racing.
5.10 Harmony.

5-35 Weekend Outlook .

+5.40 Stars of the Silent Screen:
“The Great K&A Train
Robbery,” starring .Tom
Mix.

Ropors followed by VAn'i On Where.
6-30 Brown Study. 7 30 Harr To Han.
10.43 C.iarncl Low News. 10.50 House
Calls 11.20 ConTir>ema1 Cinema: "The
Tali Bland Min With Ono Black Shoo."
12.55 am Navis and Weather in French.

GRAMPIAN

9.30 am First Thing. 1.20 pm North
News. T2.45 Friday Mali nee: " Thirteen
Frightened Girts." 6.00 North Tonight
including Sports Desk. 10 45 Tbfl Late
Night Horror Show: '* Doctor Jekyll and
Sister Hyde." 12.30 am North Head-
lines. rood report.

GRANADA

11.52 am LVattoo Wnnoo. tJO pm
Granada Reports. 130 Exchange Flags.
2.00 About Britain. 2.30 Friday Matinee:
“ Tba House Of Sevan Gables.” 8.00
K<=k OB. 6.30 Granada Reports. 10.45
Yesterday's Oust. Tomorrow's Dreams.
1130 Tba Leu Film: " Franxy."

HTV

130 pm HTV Nows 2.45 Friday Film
Matmoe: " Genevieve. ** starring John
Gragsan. Dinah Shornfnn. Kenneth
Mote end Kay Kendall. 6.00 HTV News.
630 So Whit’s Your Problem? 10.43
HTV Newa. 10.45 Flowers DarrsBthloii
1532 (The Grand Final'). 11.15 The Late
Film: " Fear Is T.ie Key "

HTV Cymru/Walea— As HTV West
ereepr 9.50-10.05 am Mwy Neu Lai.

6.30 Snooker.

7.10 News Summary.

7.15 Something Else.

8.00 Gardeners' World.

. 8.25 Newsweek.

9.00 Playhouse.

9.50 Snooker.

10.45 Newsnight
1L3Q-12J25 am Snooker.

12.00-12.10 pm Bath Am Siarl? 4.15-
4.46 Peirlanwyr Pedortrucd. 6.00
Y Dvdd. 6.15 Report Wales. 6.30-7.00
Making It Work 10.45-11.15 Outlook.

SCOTTISH

12-30 pm Spellbinders. 1.20 Scortich
Nflwa. 2.45 Friday Matinao; " Beach
Patrol '* 5.10 Tcmlme Talus 5.20

Crossroads. 6.00 Scotland Today. 6.30
Sports Extra 6.45 Hear Hciu. 10.45
Ways and Means. 11.15 Lore Call.
11.20 Movies Through Midnight: " Tho
Man Who Would Not Dm."

TSW

1.20 pm TSW Nowa Headline'.. 2.45
“ The Girl On The Late. Late Show."
starring Oon Murray and Yvonne Do
Carla. 4.12 Gus Honaybun's Magic.
8irthdays. 5.15 Emmord.iie Farm. 6.00
Today South-Wost 6.30 Whar's Ahaad.

7.30 Hart to Hon. 10.47 TSW Late
News 10.50 Continantal Cinam.i: " The
Tail Blond Men With Ona Black 5hon."

12.30 am Postscript. 12.35 South-West
Weather.

TVS

1.20 pm TVS Nows. 2.45 Fndoy
Mot moo. "Matt Holm” (TV Mauia].
5.15 Sain ol the Century. 6.00 Cnust
To Coast. 6.30 Friday Sport show. 10.45
Getting It On: Bnqhtan Festival. 11.15
Restricted: " Scoumone," starring

RADIO

popular music). 11.00 Rotor Clayton
v/:h Round Midnight 1.00 am Night
Owls (S) 2.00 Star Wars (S). 2.27-

6.00 Yd-j and tho Night end tho
Music (S).

RADIO 3

6.56 am Weather. 7.00 Nows. 7.05
Morning Concert (S). 8.00 Nows. 8.05
Morning Concert (continued). 9.00
Nows. 9.05 This Week's Composer:
Roussel! (S). 10.00 BBC Walsh

Symphony Orchestra (S). 11.10

Vaughen Williams sang recital fS).
11.45 Borodin string quartet recital (S).
12.15 pm French Music: part 1 (S).

1.00 News. 1.05 French Music; pan 2
fSJ- 1.45 Malvern Concert Club <S).
2.50 Northern Sinfania of. England. (S).

4.00 Choral Evensong (5). 4.55 News.

5.00 Mainly For Pleasure (5). 7.00

The Romance and the Rose (5). 7.30
Nash Ensemble (S). 8.55 Poetry Now.
9.15 Felix Wo in partner conducts
Beethoven. Symphony No. 2: record
(1938). 9.45 Music In Our Time (S).

11.00 Nows. 11.05-11.15 From Elysian
Fields: Gluck (S).

RADIO 4

6.00 am News Brisling. 6.10 Farming
Today. 6.25 Shipping .Forecast. 630
Today. 8.33 Yesterday in Parliament.
8.57 Weather: travel. 9.00 News, g.05
Desert Island Discs (5). 9.45 A Side-
ways Look ot . . . hy Anthony Smith.

10.00 Nowa. 10.02 International Assign-
ment. 1030 Daily Service. 10.45
Morning Story. 11.00 Nows. 11.03 You

9.35 qm Schools Programmes.
11.52 The Bubblies. 12.00 Song
Book. 12.10 pm Once Upon a
T ime. 12.30 Local Elections
Round-up: Alistair Burnet and
Peter Sissons analyse the
national picture. 1.00 News,
weather report and FT share
index. L2Q Thames News with
Michael. Wilson. L3Q -Crown
Court. 2.00 After Noon Plus: i
Elaine Grand presents the last
of a special week of programmes
celebrating women live. 2.45
Friday Matinee: "The Power
Within," starring Erie Braeden
and Art Hindle. 4.15 Sylvester.
4.20 Raismaiazz. 4.45 Freetime
present etJ by Mick Robertson.
5.13 Film Fun

5.45 News.

6.00 The 6 O'clock Show-
Marathon Special Phone-in
presenied by Michael
Aspcl, with Janet Street-
Pnrter and Fred Housego.

7.00 Family Fortunes.

7.30 The Fall Guy.

8 JO The Bounder.

9.00 We'll Meet Again.

10D0 News.

10.45 Benson.

11.15 The London Programme:

Election Special.

11.50 Dully. starring Dolly

Parto

*1220 am Rawhide starring Clint
Eastwood.

1.20 Close: Sit Up and Listen

t Indicates programme In
black and while

Joan-Pjul Bolmondo and Claudia
CaidinalH. 1.05 ant Company,

TYNE TEES

9.25 am The Good Ward. 9.30 North-
East Nows. 1.20 pm North-East Nows
and Look around t2.45 Friday Matinee:
" Thn Ghost Train." starring Arthur
As key and Richard Murdoch. 630
North-East News. 6.02 Sporrstime.
6.30 Northern Lite. 10.45 North-East
Naws. 10.47 Friday live. 12.00 Super-
star Profile. 12.30 om Post's Corn or.

ULSTER

1230 pm Untamed World. 1-20 Lunch-
time. tZ4S Friday Motmeo: " You'ro
Only Young Twice." starring Duncan
MecRac, Joseph Tomoliy and Patrick
Barr. 4.13 Ulster New:. 5.15 Mile-
stones or Millstonos. 530 Good Evening
Ulster. 6.00 Goad Evening Ulstar. 630
Diff'tont Strokes. 10.44 Umier Weather.
10.45 Witness 1030 Gloria Plus. 1130
News at Bcdnma. |

YORKSHIRE

11.55 am The Undersea Adventures
or Captam Nemo 1.20 pm Calendar
News. t2.45 Friday Film Matinee:

“ You're Only Young Twite.” starring
Duncnn MacRao end Charles Hewirey.

6.00 Calendar (Emley Moor and Belmont

editions]. 6.30 Calendar Sport. 11.15
Pro-Colebrity Snooker. 12.00 Bsmoy
Miller.

the Jury (S). 11.48 Bird of the Week.

12.00 News. 12.02 pm You and Yours.
12.27 Frank Muir Goes into . . .
Biography (5). 12.55 Weather: ravel:
programme news. 1.00 Tho World at
One. 1.40 The Archers. 1.55 Shipping
Forecast. 2.00 News. 2.02 Woman's
Hour. 3.00 News. 3.02 Afternoon
Theatre (5). 4.00 News. 4.02 Round
Pegging. 4.10 Locally Speaking. 4.40
Story Time. 5.00 PM: News magazine.

5. SO Shipping Forecast. 5.K Woather:
oroqnimme news. 6.00 News, including
Financial Report. 6.30 Going Places.

7.00 News. 7.05 The Archers. 7.20
Pick of tho Week (5). 8.10 Profile.
8.30 Any Questions? 9.15 Letter From
America by Alistair Cooke. 930
Kaleidoscope. 9.59 Weather. 10.00
Tho World Tonight. 10.35 Week Ending
(S). 11.00 A Book ot Bedtime. 11.15
The Financial World Tonight. 11.30
Today in Parliament. 11.45 Archive
Auction. 12.00 Nows.

FT COMMERCIAL LAW REPORTS

No summary judgment if defence possible

PA'CLANTIC FINANCING CO INC AND OTHERS v MOSCOW NAKODNY BANK LTD
Queen’s Bench Division (Commercial Court): Mr Justice Webster: April 30 1982

AN APPLICATION for- sum-
mary Judgment under Order
14 of the Rules or the
Supreme Court should not
be granted if, on the defen-
dant's affidavit evidence, a
faint possibility of a defence
exists; such evidence

shall not be rejected on the
ground only that It Is Incred-
ible or almost incredible.

Mr Justice Webster so held
when refusing an application by
the Moscow Narodny Bank Ltd
for summary judgment under
Order 14 against Mr Eddie Wong,
in a claim for money lent. Mr
Wong was given conditional
leave to defend the claim.

Mr Wong is the fifth' plaintiff
in on action by Paclantic Financ-
ing Co. Inc. and others against
the bank, claiming, inter alia, a
declaration that no sums are due
from them to tbe bank. The
bank's counterclaim in that
action includes a counterclaim
against Mr Wong for 514.212,434
as money lent. The present
application, was in respect of that
sum.

Order 14 sets out the procedure
for obtaining summary judgment
-without proceeding to trial in
actions in the Queen's Bench
Division and Chancery Division
of tbe High Court. Rule 1(1)
provides: ". . . tbe plaintiff may,
on the ground that the defendant
has no defence to a claim . . .
apply to the court for judg-
ment . .

HIS LORDSHIP said that the
hank lent sums amounting to
$14^12,434 to Mr Wong, through
its Singapore branch. It now
applied for summary judgment
against him under Order 14, for
the money lent, with interest
Summary judgment was re-
sisted on behalf of Mr Wong,
because. It was said, eight triable
issues or fact were raised in affi-
davits sworn for the purpose of

RACING

BY DOMINIC WIGAN

ESAL BOOKMAKERS, whose
parent company. Esal Com-
modities, has about 50 horses
in training in Britain as well
as others in the U.S., gets its
£80.000 sponsorship programme
for 1983 off the ground at Ling-
field today.

There it will be contributing
£12,000 towards the prize money
for the Esal Bookmakers Oaks
trial as well as giving £200 to
the lad responsible for the win-

the application, . which would
wholly or partly defeat the
bank's claim. Mr Stamler ' for
the bonk, submitted that the
court had jurisdiction to reject
and should reject, Mr Wong's
affidavit evidence.

After considering tbe “eight
triable issues,” his Lordship
found that either Mr Wong’s affi-
davits were almost entirely in-
credible. or that it was doubtful
that he could rely on issues
raised. However, one issue gave
rise to an arguable, and another
to a very faintly arguable, point
of law.

Under Order Z4 summary
judgment should not be given
where there was a bona fide
defence, or where for some other
reason, there ought to be a trial.
On an application for summary
judgment, disputes of fact should

not he derided, serious questions
should not be determined, and
issues should not be tried. A
defendant seeking to resist sum-
mary judgment should state
clearly and concisely what his
defence was, and what facts
were relied on to support it.

The question was whether, on
an appplicalion for summary
judgment, the court might reject
a defendant's affidavit evidence
on the ground that it was
'incredible.

Mr Stamler, when submitting
that ihe court had jurisdiction
to reject Mr Wong’s evidence,
relied on certain authorities. In
Four !M:Uxmfe Nominees r Fred-
eric* (Slay 3 1977) Sir Robert
Mcgarry V-C rejected an affidavit,
sworn to support the deFence,
because he found it incredible.
However, in that case the appli-
cation was sot under Order 14,
but under Order -S Rule 4.
Neither that decision, nor the
Court of Appeal decision in
which it was upheld, were clear
authority that a court, on an
application for summary judg-
ment under Order 14, might re-

ner and a further £300 to the
lad's stable “ pool ”-

Nine horses, including Corn-
ish Heroine, Rockfest and
Tikaki are due to line up and
in spite of the size of the field
this is probably the most open
classic trial seen to date this
spring.

With Swiftfoot — Dick Hem’s
principal Oaks hope after
Height of Fashion — having
won so well at Chester, there
will be plenty of West Ilsley
fans only too willing to row in
with Tikaki. Peter McBean's
Hawaii filly, whose best per-
formance last year came when
she chased home Last Feather
at Newbury, ran a sound race

ject an affidavit because it found
it incredible.

In Lady Anne Tennant v
Associated Newspapers Group
[1979] FSR 298 Sir Robert
Megarry V-C gave summary judg-
ment under Order 14; but that
was partly because of lack of
evidence, and partly because
counsel for the defendants foiled
to moke it -clear what was the
issue to be tried.

In American Express Interna-
tional Bonfcing i? irtrcTK (July 23
19S0 ), Mr Justice Lloyd unques-
tionably disregarded sworn evid-
ence of the defendant; but his
decision was at least as consistent
with his having decided that the
evidence was irrelevant, or in-
admissible, or of intrinsically
little weight, as with his' having
decided to reject it because he
could not believe it.

Finally, Mr Stamler retied on
Yorke Motors v Edwards [1982]
I .431 ER 1024. There the judge
and the Court of Appeal had con-
cluded that the defence was just
sufficient ‘to raise a shadowy
triable issue. Mr Stamler relied
on the words in parenthesis in
Lord Diplock's speech at page
1027, "... I agree with the judge
and the Court of Appeal that if
any triable issue has been raised
at all (a matter on which, despite
my own doubts, I would not
think it right to over-rule an
opinion which lies within their
discretion), the likelihood of Mr
Edwards succeeding upon it is
extremely remote."

However authoritative the
source, those, -.rords in- paren-
thesis were insubstantial
material on which to found a
clear rule of- law that there was
jurisdiction on an Order 14 appli-
cation to reject affidavit evidence
on the ground that it was not
to he believed because of incon-
sistency with other evidence, or
inherent im plausibility.

Both affidavits in the present
case . contained evidence ’of

in Ascot's Antobar stakes on
her reappearance nine days ago.

Soon well placed in that event
over the old mile, Tikaki kept
on well in tbe straight to finish
a close fourth behind Kareena.
Bindu and Tou jours Verti She
will be'idealiy served by today's
additional him mile.

Cornish Heroine and Rockfest
have also'eadi made one appear-
ance this spring. Cornish Hero-
ine, a $150,000 (£83.000) yeai^
ling purchase, .chased home the
Oaks favourite Sing Softly in
Newmarket’s Pretty . Polly
stakes.

However. Rockfest did well
to finish a dose fourth in the
Princess Elizabeth stakes after

defences which might or might l
not be spurious. Where, in such r
case, leave to defend was given, f
the subsequent -trial might take *■
many months and ihe bank might r
be deprived of money tc which ?.
it was entitled lor many yearn, r
On the other hand, if summary £
judgment were given, a -
defendant might be deprived of -
a legitimate defence, without ]
trial, and without having been :
heard. :

In -tbe absence cf arn op per- .
tunity to test the defendant's
veracity, the court should never :
give summary judgment for the ;•
plaintiff if, .on tbe -evidence ;
before it, even a faint possibility ■.
of a defence existed. i

Mr Wong's -affidavits should j
therefore only be rejected if the ;
evidence contained in them was *
inherently unreliable because it »
was self-con tradrci9ry a inadmis- ;
stole, or Irrelevant Such evi- ;
deuce should not be rejected if, '
because of its inherent ini- r
plausibility or its 'inconsistency "
with other evidence, it was :
incredible or almost incredible, i
Although much of Mr Wong's fi
evidence was almost incredible, ■
it could not be said that enough i
of it was inherently' unreliable, f
inadmissible, or irrelevant, to ;
entitle his Lordship to reject it f
on any one issue, let alone sll
eight. ' One point of law was .
arguable and one other was very '
faintly arguable, so although
much of it was almost entirely j
incredible, there was just an *
arguable defence.

ilr Wong should therefore be
given leave to defend the bank's i
counterclaim. '

For the bank: Samuel Stamler
QC and Nicholas Strauss ■
i Slaunkter & May). -

For Mr Wong: Terence Cullen
QC and Sieren Gee (Holman.;

Fenwick & Wilton). f-

By Rachel Davies

Barrister *

failing to get the best of runs;
below the distance. Both should;
go well — without beating Tik-f
aki.. ‘ v i>'

Half an hour before the filKcL
trial Patrick Haslam. John SuB
cliff e and Geoff Lewis
Esal. Commodities' two-yeaRelcK
in the Esal maiden stakesj
the Haslam representative KJfl
of Rock, is preferred to
once-raced Hannon colt Genera^
Concorde. ;

LING FIELD L

2.00— Hoodwink* *

2.30— Nawab 5

3.00— King of Rock** ;

JL30— ■Tikaki***' •

4.30 — Proserpine ;

PERTY

APPOINTMENTS

Chairman for Electrolux

vs

For those of a refined taste, home must be
luxurious, but never ostentatious.

For them, we offer 525 East 80th Street,
the quintessential condominium.

Situated on a lovely side street of the res-
idential Upper East Side, 525 projects a
sense of quiet elegance rarely found in New
York City.

Thongh certainly possessed of all the
luxuries and amenities of a building of its
calibre, there is a noticeable absence of
the unnecessary extravagance so common
today.

Instead, great attention has been lav-
Brokers welcome.

ished upon the residences. A limited num-
ber of two, three, four and five bedroom
condominiums of a very generous propor-
tion (1400-2600 sq ft) and exceptionally
creative design. All priced from $290,000 to
$745,000 (US$j.

We suggest you contact us soon as only a
few choice apartments remain.

For the individual or family, or the
executive who requires a combination of
elegance, privacy and individual attention,
and who seeks the financial advantages
of a c oad oariaiu m t 525 East 80 th is the
q ni ntessen tial w widrtTniwiiiTH.

The Quint esseriBl Coodominiimi. '

*9191 772.7771 Tetex: #427-824AYl. Model apartments open. Selling Agent : Metropolitan Living, Ltd.

1 a2J 525 SA goSsC Newark, NX 10021 U.S.A. Builder: ROCKROSE Construction Corp.

This is not an offering. Offering by prospectus only. j

SWITZERLAND

THERE IS GROWING CONCERN
IN GREAT BRITAIN
THAT EXCHANGE CONTROLS
WILL BE ENFORCS) AGAIN i
FOREIGNERS can buy apartments
freehold on LAKE GENEVA, in Mon-
traux near Lausanne, or all-year-
round resort*: St. Cerquo near
Geneva. Viliam. JMMr. Ua
ninhlerfitS. LpyS'"# ®' c - FINANCING

hS»%at low interest rates.

Also ouellty properties fn France.
Apartments In EVIAN on the Lake, 1
approximately 35. n* 1 ""®* L v Sv i
Geneva, and l«wdm ,s v' Ma* VW-
NEAR THE BORDER QF GENR/A.
built to your specifications- Advise
ares preferred.

Wrto to; Developer
c/o GLOBE PLAN SA .JSS£B M
1005 Lausanne, Switzerland
Tel: (21) 22 35.12
Telex: 25185 meli* ch

COR SALEr Wall ■WOliltwf,

lurntaSed tlrw txrtroom lUl (TretjuaW
nearOdeon- 6 me dHtrkt, Ideilly

_iii| Au* Corn stall y ufC- Fflf furtfiflT
■ nftSrme&M TS 683. FlNncM

Times. ID. -Cannon SBreefc London
CdP 4 BY.

CANADA - U.S.A.

From our Real Estele Portfolio ol
Canade/U.S.Al Investmonta, wo
recommend:

—AAA SHOPPING MALLS
. 566.000,000 cash (or 50%' partici-
pation: Guaranteed return.-
§5,800.000 price. $2,500,000 cash.
12% return.

-OFFICE BUILDING
$6,800,000 pries, S2JSOO.O0O cash,
11% return.

—INDUSTRIAL

$1,600,000 price, $800X00 cash.
10% return.

For full details contact:

Ludwig Fischer or F. F. Kevies
PARWLANE REALTY, Bretar
34 King Street East. Suite 800
Toronto, Ontario, Canada WSC 1E>
Tel. (416) 863-9723 Tele* 06-986766

FLORIDA— A. 1 . cove nant - Leaw-batk at
11«t, an S17.ODD.000 OTOKrtY. E«f-
mill- m Invited from Frioeipalt J.
Arthur*. F.S.V.A., 94. Darlooor Road,
Ho*e. Souex.

U.S.A.

REAL ESTATE
INVESTMENTS

A complete' selection of the
best propierties in Florida.

□ Shopping centers.^ office
buildingsjJ residential
complexes.D Acreage.

□ cattle ranches and farms.
Order our free comprehensive
portfolio with full details.
Extremely valuable for

the real estate investor.

7216 S.W. 8th SL
ISuhe 31 Miami
FL 33144. U5.A.
TeL {305] 822*4400

FLOAIOA PROPERTIES DfTEHJMTJONAl
Telex: 80^333 INTBUSCOM

OjjWWII PPM lat kiul rrpiestnuiivi.

ESTATE

SALE

LES HJUS0NS DE LA MER

SOUSSE - TUNISIA

Superb Hat consisting of 1 bedroom,
living room, bath and kitchen. Beat
location In tho luxury flat complex
" L«s Matsons da la Mar " with
swimming pool and Sport facilities.
Directly lacing t|>o sea and marina,
Caen: DFI 200,000 or oquivalont
foreign nogolinblo currency

for more Information contact:

Joel B. Hamoy, Ovorioum 535
1054 LK Amsterdam
TTw Netherlands - Tel: 020-165 249

Investments from
million. MARIC ora
property mveatmeat Is trie
SooUi West USA.
o currently available
. For: Worth areas.
- - -wide ranoe of Invest,
icludlng olllces. com-
hotels, apartment
factories, etc. all fully
produeino current income,
estate opportunities lor
and capital growth,
alor US banks Is avaiu
is icoal ant* Investment
J — — O" tMattan and

tnc SOUTH WEST
iver Street Lonflon.
0355/6. Tel DC Z96 208.

187,000 acres with timber, lumber,
cattle, has bank approved appraisal
of U.S.S25m with income of
U^.SIm per year. Estate distress
sale for U^.S6m with owner guaran-
ies*. We'll give terms and accept
stock in corporations. Property
located Panama. Many other invest-
ment properties in Florida, Bahamas,
etc.

References upon request.

Ask for Colonel Tucker or
Mr Gillham

Interamerkan Properties Inc
315 Plant Avenue, Tampa,

Florida 33406

Tel: (813 ) 251 5505 - Telex 522624

INVEST IN USA
jyp/ REALESTATE

A very advantageous investment for
both profit and pleasure. Low pre-
consliuciion prices, excellent
imancmg poss*W4ies and an active
safes markflt allow you to realize a
potamially reward ng increase in
vaiuo m a rapidly expandmg area.

At your request, we wdi send our
investor brachureo'youniaycdlor
write to a personal appointment
Mr. Michael Kahn
Suite 1 10. Wairnar House
296 Regent SL, London W1R5HD
Tet 01-6377350 OT01 -6377359
Tetec 268312

c WESCOMG attention MACK ^

CALL COLLECT

Secure Investment
US- Real Estate

70 seres including forestland - 150
miles fo Now York Ciiy - $225,000
Call BENNETT JACOBS
(203) 646-0121
ONLY ENGLISH SPOKEN

FOR SALE— ‘PflYitdv-uwnfld feasoholif and
perpetual mineral riohia on oil and sms
prospect-. In U^.A. Lloyd & Thomsen.
Box 1B47, Jackson. Mississippi 39205.
Phono! 601 948-5838.

Mr John Redman has been
appointed chairman of the UK
ELECTROLUX GROUP. He
succeeds Sir Alex Page who is
retiring <m May 31. Mr G. P. H.
James, managing director of
Electrolux, and Mr P. B. Bullock,
managing director of Flymo,
have been appointed joint
managing directors of Electrolux
Assoc.Ved Companies in addi-
tion tw .heir present duties.

*

Mr J. F. Phillips has been
appointed chairman of the LON-
DON DIAGNOSTIC AND
IMAGING CENTRE.

*

STANDARD LIFE

ASSURANCE, Edinburgh, has
appointed Mr J. Stretton as joint
pensions manager; Mr L C.
Lumsden as joint actuary; and
hlr T. K. Crombic and Mr R. D.
Muckart, as portfolio managers.

*

Mr John F. Cnllis has been
appointed a director of CITY
AND INDUSTRIAL PUBLICITY
SERVICES, a Lop ex group com-
pany.

*

Mr Thomas E. Cottrell, man-
agios director of TEXACO for
marketing, refining, supply and
transportation, is to take early
retirement from the end of
May.

dr '

Mir Crihi 'Amies has been
appointed a corporate finance
director MIDLAND BANK and
will head a newly-established
electronics industry section
-within tbe corporate finance
division. He joined Midland
Bank from Standard Telephones
and Cables as electronics In-
dustry adviser in May 1980.

Mr Albert EL De Barr, founder
director of research of the
MACHINE TOOL INDUSTRY
RESEARCH ASSOCIATION, has
retired. He is succeeded by Mr
M. E. Hadlow.

*

The CO-OPERATIVE BANK

has appointed six assistant
general managers, five based at
the bank's Manchester bead-
quarters. Mr Lewis Wilkinson
becomes assistant general
manager (central services); Mr
David Cavell joins customer ser-
vices division; Mr Brian Jones
has been appointed assistant
general manager, branch opera-
tions (northern division); Mr
Doug Heydon becomes agm
(group accounting) and retains
responsibility for tbe bank
group's accounts and accounting
information service; Mr Barry
Askew becomes assistant general
manager (data processing ser-
vices); and Mr Dick Sam ways
has been appointed agm (inter-
I national),

*

The Henry Boot Group has
formed a new company •—
HENRY BOOT INVESTMENTS.
Mr. R. J. Preston, Group finance
director, has been appointed
managing director oC Henry
Boot Investments. Mr E. H. Boot
chairman, and Mr D. KL Boot
director. Mr IVL E. Moan tain,
managing director of Henry
Boot Developments continues to
be responsible for the day to
day management of tbe develop-

ment activity through this com-
pany and its associates. Mr A. D.
Glossop has been appointed
managing director of First
National Housing Trust and is
responsible for the day to day
management of the property
investment activity through this
company and its associates.

*

Mr C. R. Webber, financial
director, Capseals, has been
appointed a director of SONOCO
UK, which recently purchased
59.2 per cent of Capseals from
Cope Allman International and
has made a recommended cash
offer for the remaining 40JS per
cent of Capseals, equity.

*

At the ROYAL BANK OF
SCOTLAND Mr Norman M.
Irvine, assistant general manager,
has been appointed general
manager 'electronic data pro-
cessing). -Ie succeeds Mr
William McKim who was
appointee an executive director.
Mr William S. Lindsay, control-
ler, production services, head
office, data processing, was
appointed assistant general
manager (electronic data pro-
cessing} in succession to Mr
Irvine.

■*

Mr D. M. Wilkinson has today
been appointed group financial
controller of SCOTTISH &
NEWCASTLE BREWERIES. Mr
Wilkinson was formerly finance
director of Scottish & Newcastle
Beer Co.

★

McCORQUODALE has appoin-
ted Mr P. J. G. Elwes. Mr R. P.
Hornby and Mr E. H. L. Wallace
as non-executive directors. Mr
Elwes is a director of Klein-
wort, Benson; Mr Hornby is a
vice-ch airman of the HaliFax
Building Society and a non-
executive director of Cadbury
Schweppes; and Mr Wallace has
been managing director for the
past ten years of Elgin Building
Services, a subsidiary of one of
the Thomas Tilling Group of
Companies.

Mr 3Iogens Giersing has been

appointed chairman and Mr
Graeme S. Kidd has . been
appointed managing director of
CHRISTUNI & NIELSEN.
LienL Gen. Sir Harold Redman
and Mr L Ralph Elcombe have
retired from the board. Mr Peter
Ltmdhus and Mr Graham R. S.
Elcombe have been appointed
directors.

★

CAMBRIDGE PETROLEUM
ROYALTIES has appointed two
non-executive directors: Mr
John C Walton, who is director
of investments, Imperial Life
Assurance Company of Canada,
and Mr A. J. (Tim) Knights, an
independent oil consultant.

★

Sir Rodney Sheldon, managing
director of C. Townsend Hook &
Co, has become president elect
of THE BRITISH PAPER AND
BOARD INDUSTRY FEDERA-
TION.

*

Sir A. SL Waruinglon has
been appointed to the board of
STREETS FINANCIAL.

GOiraKaMTCE

M&TCHING TEE
BEWJLRDTO *

- THE RISE

Gsosvenor Bohsb Hotel
London 25-2&MayJ£83:

The only two days ;

when yotfll meet these top people
from the transport industry in the same place at the same time.

JjG. Davis, MH, TCW, CSwference Chairman

PekMut I, Thr- fThom wprl l- v. - h l r l* • ■

Tyhr*r4rrr l OQtBKSt JfrgKPH Itf-, rt m'Hrr^

W.W. Stinson, -

Psassddd, fpinorfh f , PjgMfr r j y f,

J-D Simpson, ■

and Oitf CfrwiafajQgfaailftylhACfrftBiaMB&ariy
Tie Ht Hon. D. Eovrell, MP,

■ Seoe:ar 7 o( Stele for Transport

JB. Steele,

pinxxorXScoeral tornaesporCEEC ....

R. Watts, CBE, FCTT

DepcQ- Cbaim a n and CtSet £zcc3 flre. Safcfc Sirxoys
E. Vestey,

Presiden!, GeaeratCoocdl of British SiJjMBjr, Calr=ja5,8fnc SSr timlid.

Sir Petor Parirer, MVO, FC1T

rfrrirfiyfn, Knrhh fij-Aicys Eaard

DJLG. Simon
Zlativenff Director, BPCSLtd.

J. Van Oldenbozgh

Dtxctnr ot rronsportaCibti, SMf C failklBBfcstfffltM

*fhn Hon. RJ.Pn Hunt

iiuajaJtaa J ignwwr a£ J tomypotS

Tlte Et-Hna. Lord Shepherd, PC, FCU

Cluinztazi. JVaflanalgm Company

Copt 1^. Lovtdl, TEN CRtd)

Group Vice Picddc.it, CeatelBnshie&StstcnZ
Astmnmtt and lozner director, K/SSJl

Sir PBter Masefield, MS, OEng^ ICTT

BASE.LE^SJE^S KATES

AJB.N, Bank 13 %

Allied Irish Bank 13

American Express Bk. 13 *T>

Amro Bank 13 %

Henry Ansbacher ...... 13 %

Arbuihnot Latham 13 ^

Aasociates Cap. Corp. 13

Banco de Bilbao 13 %

BCCI 13 %

Bank Hapoalim BM ... 13 %
Bank Leumi (UK) pic 13 %

Bank of Cyprus 13 %

Bank- Street Sec. Ltd. 14 %

Bank of N.S.W 13 %

Banque Beige Ltd. ... 13 %
Basque du Rhone et de .

la Tamise S-A 13; *7,

Barclays Bank 13

Beneficial Trust Ltd 14 ^

Bremar Holdings Ltd. 14 %
B-rit. Bank of Mid. East 13 %

■ Brown Shipley 13 &

Canada Perm’t Trust., 131%
Castle Court Trust Ltd. 13V%
Cavendish G’ty T’st Ltd. 14 %

Cayzer Ltd 13 %

Cedar Holdings 13 %

■ Charterhouse Japhet... 13 %

Choulartoos 131%

Citibank Savings R12£%

Clydesdale Bank 13 %

C. .E.-, Coates... ....... 14 %

Consol iriarpri IS at

GrJcdlsys Bank +13

E Guinness Mahon 13. <K

Q Hambros Bank 13

Heritable & Gen. Trust 13 <38

ID Hill Samuel 513

C. Hoare & Co tl3 <31

Hongkong i Shanghai 13
Kingsnorth Trust Ltd. 14
Knows ley 6; Co. Ltd. ... 13^^

Lloyds Back 13 " p3

Mallinhail Limited ... 13
Edward Manson Sc Co. 14 «£

Midland Bank 13 %

B Samuel. Montagu 13 %

■ Morgan Grenfell J|J.«

National Wesiminster IB
Norwich General Tmst 13 ^

P. S. F.efson & Co 13

Rosburghe Guarantee 13io3

.E. S. Schwab 13 ^

Slavenburg's Bank ... 13 oj§ :
Standard Chartered ...|[13

Trade Dev. Bank 13 m

Trustee Savings Bank 13 ^

TCB Ltd 13 ol

Urdted Bank of Kuwait 13
Y/hiteaway Laidlaw .„ 131^

Williams & Glyn's 33 ^

Wintnist Secs. Ltd. ... 13 W
Yorkshire Bank 13

B Hambera of tira Accepting HqussQ
Commirtec. • - re

* 7-day deposira 10%, 1 -month

10.25*;. Shon term £8,000/12
month 12.6”,',.

Consolidated Credits... 13 % * 7-day deoosira 10%,

Co-operative Bank *13 S 10.25*;. shon term

Corinthian Secs IS % mortth 12.6’/..

The Cyprus Popular Bk. 13 So ^ Z:i s r 'Jop on sums ol: under

Duncan Lawric 13 n n 1QL*,;. £10000 up to

Eagil Trust ; 13 ^ •• £50 - C0 ° and

E^ter^ni s tLt d.’ 14 % * fol dcPMi “ C1 '°“ and 0VBf
First Nati Fin. Corp,.., 15 i 5, li 21-day deposits over £1.000 11V1C.
First Nat. Secs. Ltd.... .15 § Demand deposits 1QVX>,

Robert Fraser 14 •‘jo 5 Mortgaci® baso tats.

Financial Times Friday May. 7 19S2

THE MANAGEMENT PAGE

EDITED BY CHRISTOPHER LORENZ

Nurturing latent talent A ‘Trojan Bullock’ emerges

Arnold Kransdorff reports on a novel career development programme

if

JAMES HAYES thinks he
knows how to turn good msba-
sers into even more successful
ones. In fact he has spent more
than Sim putting ills theory
into practice and companies
like American Airlines, Union
Carbide and Xerox Corporation
reckon he may be on the right
track.

Their executives are among
160 managers currently attend-
ing a novel— and expensive —
tr ainin g course in New York
that is the result of an alluring
concept by Hayes, chairman of
the American Management
Associations.

Hayes believes that all suc-
cessful managers have a num-
ber of characteristics or skills
in common. He calls them
“competencies." Identifv them
— and aspiring executives need
only acquire those they are
lacking to have all the pre-
requisites of success. he
believes.

To prove his theory he has
spent $1.35m conducting re-
search over a five-year period
among 2.000 managers from
Fortune's list of 500 top indus-
trial companies. The results
were as he expected — success-
ful managers did have certain
characteristics in common.

“ Competencies are charac-
teristics of an individual which
are related to performance in
a job." says Hayes. “ Our
research revealed about 30
competencies, but only 18 of
these are generic. These IS will
produce a successful manager."

As a result of this research
the AMA has developed a
system for measuring individual
managers against this model
and — through special on-the-job
training — helping them to de-
velop the skills they do not
possess.

The course costs $3,500 and
should last around six months,
depending on the number of
“competencies” that have to
be acquired.

Successful completion of the
course carries an AMA diploma
but it could have " degree ”
status in the State of New York
and California if applications to
local educational authorities are
approved.

ftp#’ :

' ...

*

' :

■■i.V

James Hayes: “If you behave the
way successful managers do, then
you will also become successful”

The first graduates from the
coarse are expected later in the
summer. They hold mainly
middle management jobs and
are aged in their 30s.

Hayes, 67, a former Dean of
the School of Business Admini-
stration at Duqueane University,
Pittsburg, is confident that his
technique will produce success-
ful U.S. managers, although he
is not certain yet that such a
model is necessarily suitable
for other countries.

“ AH we know about the
manager is what he reveals in
his behaviour.” he says. “Since
we have tried a model that in-
dicates that 2,000 successful
fU.S.) managers all show these
18 competencies, our present
feeling is that if we can help a
person develop these IS com-
petencies, that person will be
successful. We feel confident
that if you behave the way
successful managers do. then
you will also become success-
ful.”

So how does a successful
American manager behave?

Hayes has grouped their com-
mon characteristics under four
headings — intellectual, entre-

preneurial, socio-emotional and
interpersonal.

Under intellectual comes the
ability to think logically, and to
assemble seemingly unrelated
events into a pattern — what he
calls conceptualisation. A third
skill is the diagnostic use irf
concepts or die ability to make
use of known theories of models
and develop neiw ones.

There are two entrepre-
neurial skills. The first, the
effective use of available
resources, deals with planning,
organising work in hand and
presenting an image of effi-
ciency and achievement; the
second is the ability to take
initiatives and turn them into
results.

The two final groups contain
the largest number of skills.

Under the socio-emotional
heading there are five. The first
is self-control / self -discipline
—dealing with the ability to
control impulses and personal
reactions and the ability to
place organisational needs
above personal ones.

Next is spontaneity— the
ability to act and express .
oneself freely. A successful
manager also has to be
“ perceptually objective," in
other words be able to keep an
emotional distance . from
problems and give impartial
views.

The two other skills in this
group are “ accurate self-assess-
ment r — the ability to recognise
one's strengths and weaknesses
-—and the stamina and adapta-
bility to be able to adjust to
unexpected situations.

The final group covers eight
skiBs. They include self-confi-
dence and the ability to help
others develop themselves.

Another is what Hayes calls
“impact” — the ability to influ-
ence others as well as being
heard in any group.

The next two skills include
the use of “unilateral power”
and “socialised power." The
first concerns the ability to take
charge of a situation while the
second deals with the ability to
build effective alliances and be

part of a team. j

Verbal persuasion is another :
necessary skill, as is “positive
regard." Hayes plains that, !
having delegated tasks and 1
given others an opportunity to
perform, a manager with this
skill will let others feel that
they are highly valued.

The final skill in this group !
is managing group processes —
the ability to foster pride, co-
operation and teamwork in an
organisation.

Hayes uses these 18 skills as ;
the model on which to mould his 1
students. His course consists of ,
three formal stages.

First, a manager sits a five-
day assessment session consist-
ing of interviews and group dis-
cussions. Everything is tape-
recorded.

The managers later return'
for another period of seven
days. Hayes explains: " They
are told how they did in all
competencies — about the ones
they have and the ones they do
not have.

“ A learning plan Is made for
the acquisition of the com-
petencies that each individual
lacks. The managers go back
to their jobs and go to work
on the competencies that are
missing. If they feel they are
not getting results they caB ns
and ask for suggestions.” -

He stresses that the key to
the acquisition of missing
skills is that the manager learns
while on the job. Eventually the
manager most prove to the
satisfaction of a faculty panel
that he can use his newly
acquired skills.

Hayes believes that future
developments in management
training will rest on the
development of competencies.

“There will be a day when
we will assess every manager
in order to find out what train-
ing that person needs. This
programme could be the basic
model for management develop-
ment in the future."

Course details available from
Management Centre Europe. 4
one des Arts, 1040 Brussels,
Belgium.

NEARLY ten years after it first
■saw the light of day— And more
than a little changed by con-
stant political buffeting— -the
celebrated draft EEC directive
on worker participation wrii
receive a long-delayed blessing
from the European Parliament
ia Strasbourg next week.

When Britain joined the EEC
in 1973, the “draft fifth direc-
tive on the structure of public
companies” was seen by many
as a paramount example of the
alien continental practices
which Community membership
would force her to accept. Reek-
ing of German co-determination
systems, the directive lit a fire
under Britain’s own internal
debate on worker democracy
which culminated in the Bullock
Report of January 1977 with its
majority proposals for putting
trade union based worker direc-
tors on company boards.

Although Britain's Institute
of Directors bas unconfidently
labelled it “A Trojan Bullock?",
the draft being considered and
amended in Strasbourg next
week is in many respects less
radical than ‘the majority
Bullock proposals and certainly
more flexible than the plans first
tabled by the Commission ten
years ago.

However, this is unlikely to
make h any more welcome to
Mrs Thatcher and her Ministers
who are resolutely opposed to
legislating for worker participa-
tion and consultation.

But the British may find
themselves in a minority when
the Council of Ministers begins
negotiating the draft — probably
towards the end of the year
once the Commission has re-
vised its proposal in the light
of the Parliament's opinion. The
reasons are two-fold: employee
participation is already widely
legislated . for on continental
Europe, and the draft directive
is now something of a “bran
tub” of options from which
governments can choose accord-
ing to their national circum-
stances.

Since the directive is trying
to set a minimum legal frame-
work upon which governments
wiU build through national
legislation and since the options
are already drawn from current
practices, it should not prove to
be unacceptably controversial in
West Germany, the Netherlands, .
Belgium, Denmark. France and
Italy.

This definition of options is
much the most important
change made to the draft during
the past ten years. The original
plan for a two-tier board
structure would have given
broad control of a management
board to a supervisory board in
companies employing more than
500 people.. Either one third
of the supervisory board would
have been appointed by the

Options allowed by the Guertsen report to
the European Parliament

BOARD STRUCTURES

• Either two-tier, that is
management board and super-
visory board

OR

• Unitary board including
son-executive directors with
defined supervisor)' functions,
and powers.

EMPLOYEE PARTICIPATION
SYSTEMS

• Not less than one third
membership of supervisory
board elected by all
employees.

OR

• Representation through

co-option . to . supervisory .
board of members who are.
neither employees of the
company nor of .a trade
union, representing them.

• Employee Representative
Council— to exist with co-
opted supervisory board or
with unitary board appointed
by shareholders.

• Not less than one third
membership of a unitary
board.

• Collective bargaining lead-
ing to participation systems
sufficiently equivalent to
others in the directive.

workers or its membership
would be determined by co-
option subject to the influence
of workers and shareholders.

After listening to tirades of
criticism of the draft for its in-
flexibility and its attempt to cast
ail of Europe in the same mould,
the Commission came back with
a revised approach in 1975.

Published as a green paper,
these suggestions found their
way into a working document
prepared for the Parliament's
legal affairs committee in May
1978. This remained loyal to the
Ihvo-tier board structure with
employee participation on the
supervisory board, but did not
make it obligatory if a majority
of workers opposed it and In
any case slowed for a transi-
tion period of five years. In
the meantime, companies could
either set up a supervisory
board or a representative coun-
cil of employees. In both cases,
employee representatives would
be appointed by all employees
through a secret ballot and
according to proportional repre-
sentation.

If. however, a company
wished to retain - a ' unitary
board, one third of its members
could be elected by the workers
if a majority of them were not
opposed to the principle. Alter-
natively, the unitary board
could be appointed by share-
holders but it would operate in
tandem with a representative
body of workers enjoying the
same rights to information and

consultation as the non-execu-
tive members of the unitary
board.

However, in the spring of
1979 something rather more
radical began to emerge from,
the Parliament's legal affairs
committee, including equal
board representation for share-
holders and employees. But
this report was not adopted for
lack of a quorum in May 1979
and successful lobbying by busi-
ness succeeded in having it
referred back to thei Legal
Affairs Committee of the new
directly-elected Parliament in
September of that year.

After concluding that it would
be politically unrealistic to try
to torpedo the directive, British.
Conservatives, led by Amedee
Turner, 1 member for Suffolk and
Harwich, have been extremely
influential In widening the
options open to governments and
in ensuring that any move in
the direction of the British
TUC’s preference for a strictly
trade union-based system is
thwarted.

The report being voted upon
next week, prepared on behalf
of the committee by the
German liberal A art Geurtsen,,
also requires a majority vote
of employees in favour of par-
ticipation before any change is
made in. a . company.

It also dispenses with the
notion of a transition period
leading to a uniform two-tier
structure, calling instead for a
review after five years of the

way in which -the directive has
worked. Further changes en-
dorsed fay the committee
include raising the threshold to
1,000 employees above which
companies must operate parti-
cipation systems, and excluding
groups of companies altogether
from die -scope of the direc-
tive:

The Geurtsen report bas left
it to the Commission to define
what a group actually is. The
unexpectedly novel, and very
vague, element in the . Parlia-
mentary draft is a provision
allowing employee participation
to be established by collective -
agreement This Is meant to be
a bow in the direction of
Italian preferences but it
hardly seems to conform to the '
draft’s objective of equivalence
— that is, each participation i
system should be as broadly '
effective, as another.

The other options are set out
above. Significantly, British ;
MEPs think the one most likely
to interest British companies is
the unitary board, with a repre-
sentative employees council.
The Parliament's draft does not
give this council the same rights
of authorisation over manage-
ment proposals for closures,
transfers and major organisa-
tional changes as are given to -
a supervisory board in a two-
tier structure.

As with so many EEC issues,
it is easy to become immersed
in a discussion of technical
issues without ever stopping for *
a moment to consider why the
change is worth making . 'To the i
Commission, harmonisation of _
company law requirements on T
all things from accounting
systems* to worker participation- h
is necessary for the coBsttupn.'
tion of the Common Market

For his part. Guertsen asserts
in his report that decisions
which affect the- existence, of. -
employees should not be taken
without -allowing those em-
ployees “ not only to give their
Opinion but also, to have a vote
iu the final decision.”

It will be interesting to see. ■
whether the re-emergence of’
the fifth .directive as a live
political issue * revives the * .
worker democracy debate in the
UK or whether large-scale un* .
employment has consigned it to
a by-gone age.

t: y

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BANQUE 0MDOSUEZ

BANQUE INDOSUEZ bas just received the official authorization to
open a permanent representative office in Peking, which will be
managed by Hr Francois CHERER.

BANQUE INDOSUEZ which has had continued relations with China
for several yean, has already signed many contracts with Chinese
organizations such as:

• emc: China International Trust and liivBSfanaot Ccrp,

• BEDC; Beijing Economic Development Corp.

• SfTCO: Shanghai Investment end Trust Corn.

• NORINCO: North China Industrial Corp.

• ' CAT1C: China Nations! Aeronautical Import end Export Corp.

MR CHERER who was in Hong Kong for a long time, has now been
permanently based in Peking since the beginning of the year and he
also maintained frequent contacts with Shanghai and Canton which
will enable him to ‘give efficient support to French Companies
wishing to develop ties with China.

mThe Bank thai speaks your language

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. BAmRa4D J R'JVES J KfroDLESDC

Financial Times Friday May 7 1982

23

THE ARTS

Cinema

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Food for thought

by NIGEL ANDREWS

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My Dinner With Andre (A)
Gate Bloomsbury
Buddy Buddy (AA) ABCs
Shaftesbury Avenue, Fulham
Road and Bayswater

No Mercy No Future ICA
Clean Slate (AA) Curzon
Beyond Reasonable Doubt (A)
The Lane, Odeon Kensington
Road Games (AA) and An Eye
For An Eye (AA) General
Release

Mg Dinner With Andre is a
nfar-itnpossible task brihantly
brought off. A two character
talk film set for 100 of its HO
minute* at a restaurant table
from which it doesn’t budge.
Two heads tuck fastidiously into
soup and pate and quail while
miking with wit. passion and
venturesome abandon about
life and art.

Wallace Shawn and Andr4
Gregory. New York playwright
and avant-garde director respec-
tively. created this duologue— it
was slimmed down into a
feature-length script by Shawn
from lnng hours of raped im-
promptu conversation between
the two — and they also perform
jt. Louis Malle directs. Sbawn.
a plump and -bald-crowned New
York bohemian with a high
nasal voice, is first glimpsed
hurrying to bis tryst by tube.
He has received a mystery
dinner Invitation from Gregory,
whom he hasn’t seen for years.

Outside the restaurant he
hastily dons a ready-knotted
tie and smooths a trampled
beige suit. At the restauranr.
enter Gregory; a lean lantern
face atop a cardigan and open-
neck shirt.

Once they sit down, you
realise that Gregory is the mage.
Shawn the funny-humble com-
mon man. Gregory has the
Ancient Manner’s glittering eye
and a sage. rapt, .singsong-
adenoidal voice that’s Hke Alis-
tair Cooke gone mystical. Shawn
sits there goggle-eyed Hke a
fish.

As they order and eat.
Gregory spins long, magical
bizarre soliloquies that outlast
the terrine de poisxon and
threaten to do the same for the
quail course. Fresh from his
“drop-out" experiences with
Theatre groups in Polish forests,
nature communities in Sentland,
gesial! workshops in Montauk.
sand-eating in the Sahara, he
is reaching a middle-age poised
between despair and mystic
lunacy. Life is a series of exis-
tential doors to be opened,
revealing ecstasv or abyss and
he is narrating his ;ravets-ofthe-
mind for Wally's benefit, who
stares open-mouthed wondering
(like us) when, if ever, he will
slop.

Finally, as the quail course
yields to coffee. Wally starts to
chime in more regularly, and
the plangent. stammering.
Woody-Allen-ish scepticism
sprays and cools the hothouse

growths of Gregory's mind.
Wally speaks up for the humble
magic of the everyday: sitting
at home talking to the wife pr
watching television or " reading
Charlton Heston's auto-
biography." Bui Gregory, atten-
tive and generously alert, is
also sublimely un-defleciable.
The monologue has changed to
a duologue, the duologue has
soared to a philosophical duel.
There's a final ringing clash of
credos. And then the film like
the dinner, coffee finished,
finishes. Gregory vanishes,
taxis back home through
puzzled, rainy New York streets.

It takes nerves of steel to
film two talking heads for an
hour and a half and not cut
away, for light relief, to Tali-
esque waiters or haul mnnde
diners shimmying through The
revolving doors or stray sauce-
pans flying out of the kitchen
propelled by explosive chefs.

But Malle’s nerves are
adamantine. The film’s subject
demands and gets total concen-
tration, in a stria hut subtle
camera play of close-ups and
two-shots and varied full-face
and profile portraiture. The re-
sult is the cinema’s answer to
all Heaven in a gfetain of sand:
all humanity in a restaurant
corner-table, where smart talk
slowly, irresistibly sea-changes
into souls’ exposure.

Minimalism less wondrous is
offered by Billy Wilder’s new
film Buddy Buddy. Superfluously

re-upholsrering the farcical
frame of the hit French film
comedy L'Emmenleur (directed
by Edouard Moli-naro, taier of

Chichester

Festival

Theatre

On the
Rocks

French colonial Africa circa
1938. The one-man police
presence in a small sand-blown
lown is ill-shaven Philippe
La Cage Aur FoUes), (his tale Noiret large of girth and prone
of hired gunman and .suicidal to wearing tong-john*. and when
crybaby getting on each other’s he starts going around potting

wicks in adjoining hotel-rooms off the natives with a rifle, you i . .

faUs flat on its funny-bone, know that he and we are’ in I by B. A. YOUNG
Waller Matthau is rhe paid trouble. Meanwhile his wife j
assassin lining up his rifle-sights Stephnne Audran looks gaunt •

from the hotel window on the and mutinous and Isabella Hup- The action takes place in the
courtroom opposite, where a top pert fi Hs thankless high heels as 1 Cabinet Room at No 10 Downing
trial witness must be disposed bis mistress. I SireeT. where the Liberal Prime

of. Jade Lemmon is the busi- • Tavernier culled this creaky ! Minister of a national govern-
nessman who has left his wife Ta *e fro™ 3 novel by Jim Thorop- 1 ® ent » presented with tireless
and is scanning his room for son (who penned the source- J ™jrm by Keith Mlcnell. Desper-
ceMing fixtures strong enough story for Peckinpah’s The Gef- j «*Jy overworked, he is per-
to hold stout ropes The two ““■’“1/1 »od be has no idea what ; su-ided to go into a retrear with
men meet, entangle and mess to do with it beyond Ion-, vague ; th* complete *' orks Ka *
uo each other's olanc trundling* through the ■ Mar\. when he returns, he

There’s a perky comie idea in burnished landscape with a ■ makes a speech at the Guildhall
here somewhere. But under Sleadicam. The sense of place . ,n which he proposes wholesale
Wilder’s guidance H is pitifully Md time are both obdurately j
elusive and Lemmon and Mat-
thau spend all (heir time look-
ing for it. heads down, and
banging their craniums. Klaus
Kinski and Paula Prentiss are
briefly conscripied inio the
search to help — as a sex clinic
chief and Lemmon’s wife — but
are no more successful than the
stars. Lenten entertainment
from a director and two screen-
writers (Wilder and I. A. L.

hrourfii^vou^Soin^Lifr/* 3 / S < Beyond Reasonable Dn/thr. John I four-strong delegation from the

orougni you tome Line n Hot film of , true lffro ca „ se , i s!e of Cats. We can see at

celebre. wherein crooked police- ; once that we are going to have
work framed and incarcerated a stageful of comics — a police-
an innocent neighbour for two 1 man called Broadfoot Bashem,
deaths in a Torming community. ; a young cockney Alderman csl-
does not dazzle the eyes or | led Brollikins, two Chavender
curdle the cerebellum, as Fritz ; children veering far To the Left
of the same name did with of their father. There are some
a L ern , al, . n ® similar subjects: (in Fun; and. . routine Shavian observations
spirals of madness and clarity j„ st l0 confuse you. Bentnui A ! about education, war, the family
in waste-land Berlin, i,ermanys Reasonable Doubt). But the 1 and the unemployed (of whom
leading woman director forges story is gripping, and the con-; a crowd of noisy representatives
a frightening tragedy of the tributton of media hysteria to : is sporadically heard off stage;,
big-city everyday. wrongful indictment is strongly ■ What keeps the comparatively

Clutching it straws of sketched. • unimportant argument interesr-

rel.glon and sex, the girl-based + ■ in a is the degree to whieh the

on^a real schizophrenic, Rita Finally,* Road C antes and An : affairs it deals with are dupli-
“ ' aianes helped E for an Eye current |y nc j e i cated today— \*ast unemploy-

i ash 1 on the screenplay bumps circuits in a curate’s-egg ; ment, the promise of an upturn
like flotsam from one male double bill. In the second, in trade, the wild behaviour of
breakwater to another among Karate champion Chuck Norris j the young. Racial prejudice is

unconvincing; the climax is a
flurry of carnage and confusion;
and the whole thing is like a
Tinrin adventure that has
slipped a disc and hops and
hobbles around with much
crankiness has philosophic
pretension.

+

Murder most foul — indeed

labour, the banning of strikes,
and so on. This \i the plot of
Shaw's 1933 political comedy.
What we see and hear is the
discussion that leads to This
proposal, and the far more
extravagant discussions that
follow.

The debaters in The firsr half
are the Prime Minister, Sir

tiro murders most foul— pre- 1 Arthur Chavender, his family
cipitate the Tull chicanerv of j and his secretary, his Chief
the law in the New Zealand' film I Commissioner of Police and a

Helma Sanders-Brahms’s
powerful No Mercy No Future
was shown at lost year’s London
Flra Festival and won the BFI
prize for Best Film of 1982.
Whirling her schizophrenic
heroine through

.•

Wallace Shawn and Andri Gregory in “My dinner with Amfri”

society’s down-and-outs (she
secs the poor and oppressed as
incarnations of Christ) and, as
sexual encounters fail her from
one suicide bid to another.
Finely played by Elisabeth
Stepanek as the girl, it’s a film
of raw and haunting grandeur.

Bertrand Tavernier’s Clean

aims all available parts of his , reserved for the second act.
body at a group of Eastern : When the Prime Minister is
hoodlums led by Christopher j left alone io prepare the speech
Lee. Long and resistible. But < on which he has been trying to

Road Games is a bumpy and like- 1 concentrate all morning, he is expected to hold, with one
able Australian road thriller I faced by a grey, ghost-like
wherein Stacy Reach burns up | figure of a woman who intro-
the highway in pursuit of a j duces herself as a messenger

M

, *V.'w tV'V • ’/■ r. i

■AT • ' >S

Keith Miciiell

rapist-killer who has seized bis
(Reach’s hitch-hiker Jamie Lee

Wigmore Hall

Slate (Coup de TorchonJ, by Curtis. Richard Franklin
contrast, is a sun-touched directed, with grateful and
morality-melodrama set in fruitful nods to A. Hitchcock.

French flavour for Proms

by MAX LOPPERT

The great Beethoven journeys,
in the terrain of solo and
chamber music, are those made
through ‘ the complete piano
sonatas and string quartets: but
a traversal oF the cello-and-
piano sonatas, inevitably cir-
cumscribed by their reduced
number, is in short form a
similar kind of pilgrimage. By
these canons, the usual three-
concert cycle of the sonatas for
violin and piano must- prove a
substantially less considerable
undertaking for both players
and audience — the whole of
Beethown, particularly in his
ethereal late transformation, is
no more than marginally sug-
gested — yet e new series always
offers a rewarding prospect. The
latest London explorers are the
veteran Hungarian Sandnr Vegh
pnd his very youthful compatriot
Andras Schiif. who set off on
Wednesday. (The remaining
concerts follow on Saturday and
Monday.)

In the case of this cycle, the
promise of rewards seemed to
he made not just by the music,
but by an encounter with a
partnership so striking in its
combination — rhe violinist a
figure of near-legendary status
after a long career as soloist,
leader of the Vegh Quartet, and
teacher: the pianist a youth of

sparkling musical cultivation
and wide-ranging tastes. A large
audience had been drawn to this
opening concert; did they suffer.
I wonder, my own difficulties
in responding to a first half
occupied by the three Opus 12
sonatas — a first half of string-
playing in which tonal debilita-
tion and intonational unreli-
ability were the characterising
features from bar to bar. in
which at any moment the violin
threatened (though the threat
was never quite realised) to
slide off the rails completely,,
and in which the wit and fine
grooming of the pianist acted as
unintentional spotlight upon
the vagaries of his partner? -
I struggled manfully to “ hear
through “ the actuality of the
violin playing to its noble
intention: but found, in both
the youthful sallies of subject
aDd style and the quiet middle-
movement confidences of
manner, the opportunity to do
so no more than fieetlngly
given (The quiet concords of
the Op. 12 No. 2 Andante
gathered their own momentum
that was sustained almost to
the close.) In (he second half,
taken up with the C minor
Sonata, Op. 30 No. 2, the out-
line of the first two movements
was similarly elusive; then.

when all hope seemed past, and
a vision of Beethoven’s violin-
and-piano partnership other
than clouded impossible to
attain, the scherzo suddently
took heart, and in the finale the
cumulative drama of the piece
was urged to a conclusion, by
statements and interchanges
mutually fledged and forged. If
this is the form Vegh and
Schiff can strike in the remain-
ing recitals, then the cycle will
not. after all. have been one
appealing mainly to the ear of
faith.

Ballet premiere
postponed

The Royal Opera House and
the Aldeburgh Festival have
announced that the British
premiere by Sadler’s Wells
Royal Ballet of Hans van
Manen’s ballet 5 Tangos has
been postponed and will not now
take place at the Mailings on
June 22. This first performance
has had to be delayed until
the Sadler's Well Theatre
season next autumn.

5 Tangos will be replaced by
Kenneth MacMillan’s latest
work Quartet which has had
only one previous public per-
formance. at a Royal Gala in
Bristol.

found in the Proms prospectus
ia also con-

Tfcere win be a distinct
French flavour to this year’s which costs £1 an
Proms. They will, open on July tains a bsHot form for tickets
16 with a performance of the for the tost night of the Proms
first pan of Berlioz's opera The on September 11.

Trojcms. which will be com- M w ,| as the French

pieied on July J 8. During the neclion there will be five BBC
season there will be an evening commissions, the first perfonn-
de voted to the ttmrbador music ances of works by Hugh Wood,
of the period 1200-1400 (Sep- ]sjjg e i Osborne. Richard Rodney

of death, but then explains that
she is- a doctor. This is one
of those spare characters that
Shaw tends to introduce with-
out preparation: once Chaven-
der agrees to go to her clinic,
she disappears, through a wall,
as she came in, and we sadly
see no more of Jean Marsh.

Once rhe new political pro-
gramme has been announced,
the serious argument begins.
The Foreign Secretary (Paul
Hardwick), the First Lord
(Lockwood West) and the
President of rhe Board of Tradp
(Michael Sadler) Join the PM

exception, the solid Tory
Foreign Secretary, who pro-
poses to raise a force of fascists
to combat the oppressive new
powers to be given to the police.
The Duke, for example, wel-
comes the nationalisation of
land, for he can . pay his debts
from his compensation. The
Labour voices from the Isle of
Cats, on the other hand, oppose
it just because there will be
compensation.

This part of the play is really
a series of solos, some of them.
Nigel Stock's, for instance,
played direct to the audience
down stage. Whether you lake

and his police chief to put their it or not depends on how much
several points. Then come a you enjoy Shaw's diatribes.

(Frank They are beautifully put over

tember 8). and another, coming Bennett Roger Smaller and ! billionaire Indian . - _ ,

up to date, with the first British Naresh 'Sohal as well L the Shelley) and a poverty-stricken here but the guts lie less in the

' of Rftpons by prVrai&re or Iain Hamti ton’s Duke (Ni “ el Srock, ‘ When rhey tlian in the argu-

4ed by the com- Symphony No 3 ’ have had their say ’ the de,e ? a ' ment - . This tends to the un-

rformed in the I tion returns (but is kept by probability of so much late

performance
Boulez, conducted
poser and performed __

Royal Horticultural Bali on Another highlight will be the
September 6 with the audience l* 8 * opera performance of
seated on cushions. Dame Janet Baker who is

The French flavour will sur- appearing on August 11 in
face again at the last night of Gluck’s Orfeo and the last Fri-
the Proms where there will be day of the season offers a break
French bonbons ■among the edth tradition — Beethoven's
traditionary British party Missa Solemnis conducted by
pieces. The cast of the Trojans Sir George Solti rather than the
wfikl include Jessye Norman, traditional Choral Symphony.
Felicity Palmer and Richard Every Prom will be broadcast
CassHy, and there wiB be finan- on Radio 3. the Thursday Proms
rial incentives to attend both will also go out on Radio 4. and
parts, even though ticket prices nine will get television cover-
will be above ttie usual rates age. As usual this is a major

the director to a position half-
way up the stalls).

Shaw is at his most mis-
chievous in allotting to each
person the reaction to this
great reform that he is least

Shaw. The character ultimately
picked out as the true orade
is an Isle of Cats delegate called
Hipney. splendidly played by
Arthur English, and hts advice
is to forget about democracy

Warehouse stays open

The RSC will have a new
studio theatre in the Barbican,
but the Warehouse, where they
presented new plays and small-
scale classical revivals in tan-

for the Proms. investment by the BBC: the

Although prices have been Proms this year will cost almost

increased this year it wiB still £lm to mount. An interesting , . ... .. ... .

be posisble to attend 57 concerts conflict of views on the enter- dem Wlth the Aidwycn reper-

for just £27 if you are prepared prise is published in this week's loire, is to stay open as a

to listen in the Albert Hall issue of ” The Listener,” where j Theatre.

Gods. Individual promenade the article commissioned, buL I A non-profit company has

concerts will cost £1.10, but, not used, from Kingsley Amis j been set up by Ian Albery. who starring James Stewart and

through a joint promotion with for the Proms programme. ; owns the theatre, to present an vr ar1 „__

British Rail and London Trans- which criticises 20th century I unsubsidised fringe theatre ^ ^ °J ., on

port, there are savings by buy- music, is set against a reply by ! programme. The season opens aeptemuer ju. Robert wajfcer
ing joint travel and admission Robert Ponsonby, controller of I on June 1 with Aunt Mary, a directs, with musical staging by

tickets. FuM details will be music at the BBC. 1 new play by Pam Gems to be Stuart Hopps.

directed by Robert Walker,
with Robert Stephens in the
cast. Then, on August 10,
Jonathan Miller will direct
Hamlet, his first theatre produc-
tion in this country for four
years. Anton Lesser is to play
Hamlet.

Finally, Destry Rides Again.
a musical based on the 1939

altogether, forget about the
votes, live under a benevolent
dictator.

The little sub-plot about the
marriage arrangements of the
children is rather a bore, and
certainly delays the finish too
long. But it enables us to see
a little more of Cheryl Kennedy
as the cockney Alderwoman and
Mark Wytjter as the Left-wing
Viscount; who are rather nice.

The joint directors. Jack
Emery and Patrick Garland,
have been seduced by the power
of the political coincidences be-
tween 1933 and 1982 into play-
ing the piece as if it occurred
today. To my mind this kills
the interest in the coincidences
altogether; if the 1982 situation
is shown as taking place in
1982. there is no extra interest.
Some small changes have had
to be made; the doctor’s charges
are ten times what they are in
Shaw's script, for instance. One
more change needs making.
After the singularly trenchant
line, ’■ Do you think our war-
ships are of any use now? ”
there is a reference to Geneva.
Surely this must become the
United Nations.

Arts Council
assists manuscript
purchase

The Arts Council has
approved a grant of £500 to
The Bryuroor Jones Library at
the University of Hull towards
the cost of purchasing manu-
script material by the poet,
Gavin Ewart. The grant repre-
sents half the total purchase
price of £1.000 and follows two
previous grants of £200 (1976)
and £250 (1979), enabling the
library to the principal repo-
sitory of Ewart's papers.

THEATRES

CHICK ESrtlt FESTIVAL THEATRE. 024}
781 312- Season sponsored by MarUnl
8 Rossi Ltd. KEITH MICHCLL In OH
THE ROCKS. Evening* 7.30. Mlt Sit
2.30.

ALBERT. S 836 3878. Credit and* 378

6S6S-930 07.3 1 ■ Grp bkgs 839 3092-
E36 3962. Eves 7.30. Th« 4 Sat MM
3.0. Ton't A Tomor MICHAEL ROSS
replaces TREVOR EVE from Monday.
OLIVER COTTON. ELIZABETH QUIN»I
CHILD R EN Of A LESSER GOP-

ALDWYCH. S 836 8404. CC 378 6 M3.
For a short season. ALAN HOWARD.
Pest Aitor of the Tear to
Award-winning orodoetton or coop.
EVES 7 30 SHARP Mag Wed 6 Sit 2 JO

AMBASSADORS. 836 1171. GrP Wl«!
*370 6061. TM» £S-5D. £5.50. GJSO. £«.

L3 Eves 8 pm. Mat! Tues 3 * Sat S.

ROSEMARY LEACH. DAVID SWIFT
M CHARING CROSS ROAD BV Hetene
Han*.

COLISEUM. S. 836 3161 CC 240 S258.
Until May 29. LONDON FESTIVAL
8ALLET Evqs 7.30. Mat Sat 2.30. Ton't
& tomor. SWITCH MTCHfSPHINX/VERDI
variations. Mon to Sat next- The
Steeping Bnabt-

COMEDY THEATRE. S 930 2S7B. Credit

card Bookings 839 1438. Grp sales 370
6061 . Mon-Fri 84)0. _ Sat 8.15 Mato

EVEPSEnST

APOLLO- Shaftesbury A»e. CC 01-437
2S63. Mon-Frl *as

cai A B IO. &LAN AYCKBOURNS

Sgj. Ybib&t S EASON'S GREET INGS. _

APOLLO VICTORIA laps ''Ww'3
THE SOUND OF MUSIC. . PET1ILA
CLARK. Londpn'i ™|* S 5L,

Musical Eves 7.afl. Matt W«fl A HI
2.30. Box Office 10 am- 8
person, phone; post A sae hotlihies-
01-528 BS6S-6-7. Credit cards 01-8S4
691916184. Telcdata OI-200 0200

24 hr service- Croup

stubs.

^ Xir'. M NO W° BOOK 2 | NG TO* SEPT. *1 8.
OFFICE 01-8X7. SMS. OPENS JUNE T5.

rSSsSis
S&® 5 Sni."«iVs»
5g.‘Bg l M J SJg 11 ”*

CO VENT GARDEN. 280 1066 "S"

ANCE of Eupana Onegin has been
CANCELLED- The Management
apologises for the disappointment and
locapmileiK* W the public Full refunds
to tfcPetfioldcrs- For a refund by cneoue
POST defects to: the Rova> Ooera House

Box Office. Present ticket* In perron at

the Box Office for a cash refund. Awnee

tickets— refunds should be obtained 1 b
person from the, , Place of wrejjase,
-THE ROYAL BALLET TOmOr 41 .7-30,
Afternoon o • a Faun. Flower Festival at
Goaooo. Gaelic

CRITERION. 930 3216. CC 379 6565.
Srp reduction* 3962.Mon wThPir
730 Frl A Em* 6.00 & 8.4S. Over 300
performances o> DARIO FO'S COMEDY
Sl?T PAY? WONT PAY! Student*
C3.S0. Best se ats avail In advance.

DRURY LANE Theatre Rovaf. CC fll-SK

8108 Gre sales 379 6061. TIM CURRY
PAMELA STEPHENSON GEORGE COU
ANNIE ROSS M THE PIRATES «
PENZANCE, Gels previ e ws from. Mae
ITTFlSt ^ Nlnnt MOM. BOOK NOW.

65. R«l

WTVBSvVF? A* ( E Mn n? s pi 4 *ri

BARBICAN HALL. BarWOrt Centre. ECZ.

aaTrioJfi g Ji&ffatf gSifflahbfa

CAMBRIDGE. CC 01-836 1488/60S6I

C 7 MO Yucs-Frl 7£D. Sat 6.00 A

fl& ra e^M

H%. Tefed aH 01 -300 0200-

CAMBRIDGE! *C 01 -836 1*0BfS0SS'

r_A ni rn Red price provs fron* Miy
Opens M a v*20 r aj fpm. 1 1 ««

Ewa 8 0. Tnur Sat 5.0 A a-o.
bkgs B36 2379.

DUCHESS. 5 and CC 01-836 8283. Evs 8.
WrtsTsat 5.30 and 8.30. RICHARD
TODD. Derren Nesnlti and Carole
IsStilim in THE BU81||^OP MURDER
Transfers to Mayfair Theatre May 10-

aunewicH. cc oi-ese 7755. i*mw«
Z^ S sat 4.0. BEAUTIFUL

DREAMER bv Rev Hutfd.

HAY MARKET THEATRE ROYAL- 930
9832. UnBi Mar 29. Evm 7.30. Mats
Wed 2 JO. Sat 8.0. PENELOPE KEITH

ANTHONY OUAYLE TREVOR PEACOCK

In - HOBSON'S CHOICE. A comedy bv
Harold BriGfipuse. Olrecteu bv Ronald
Evre. Rannlnp In repertoire with A Coat
of Varpleb end Captain Hi

_ _ J30

9852. PENELOPE KEITH In CAPTAIN.
BRASSUOUND'S CONVERSIONS bv

Bernard Shaw. Previews June 3. Opens
June 10.

HAYMARKKT THEATRE ROYAL.

930

JOAT OF VARNISH. A
Ronald Millar.

CC 930
t*K

HER MAJKTY'S. 930 6G06-7 __ 4

802S-6. Group UIK 379 6061. E
7.30 Sat m«t 3.0. FRANK FINLAY
AJ WADEU 5 DV PETER SHAFFER. OWt
bv PETER HALL.

KINGS HEAD. 226 1916. Dnr 7. Show

8 AND MISS REARDON DRINKS A
LITTLE, a comedy bv Paul Zlndel.
LmKhUm^|^.15 SWEET DREAMS by

LONDON PALLADIUM. 01-437 7373.
MICHAEL CRAWFORD In the Broadway
Musical RARNUM. Evas 7.30. Mat Wed
and Sat 2.45. Use tile Barnum Hotline?
01-837 205S. 01-738 8S61 for Instant

fsnuaua Fra*."™ * OOK,HG

LYRIC THEATRE. Shenecbury Avo. Bor
3686. _ Tel Credit.

OITce 437

card

DUCHESS, i and CC 01-836 8243. in 8.

PrevB May ID 4 11 8.00. Open* Mar
12. 7.30. Sub eves 8.00. Frl A Sat
S.0 X 830- VICTORIA WOOD and
THE GREAT SOHKNSO III J=UNNY
TURNS.

DUKE OP YORK'S. 836.5122. CC 836

9837. Group Hies pB 6061. Mon-piuri

sssr a % ■wis

£7 JO. TnL 930 4740.

FORTUNE. 836 2238. CC »0 0200.

assV!3sr?tsj“4, A Ko u ^r , i

Sat 6 A 9- Prw» Irom May 6. Open

Mar 11 at 7.00. Bar open* 6 pm. Pun

pricec.

PLEASE WE'RE BRITISH. D (reeled jV
Alton Davis. Gn>up *ate Bax MJc* 379
eosi: Credit card bnofclno* 930 0731.

bktjs accepted. GLENDa JACKSON
GEORGINA HALE in SUMMIT CON-
FERENCE. A new play bv Robert David
Mae Dona Id. Svgt. 8.0. Mats Sat 5.0.
Wed 3.0.

LYRIC HAMMERSMITH. S. CC 01-741
2311. Last 3 Pcrfil Ton't 7.30. Tpmor
4.30 X 8.15. KNOTS bv R- D. Lainq X
BUMPS cast Inch. EDWARD PETHCR-
BRIPCE X CAROLINE 8LAKI5TON
LYRIC STDDIOi EXTENDED UNTIL. .15
MAY! Tout. Tomor f
to Frl 7.30. Sat 15 ......

RENTS by MlQiaet Wikoa.

mor Apm, thereafter Mon
1 May 4.30 A 8.15

MAYFAIR. S CC 629 3036. THE SMASH

WT THRILLER THE BUSINESS OF
MURDER. OPENS HERE MAY 10,

MERMAID IN., Blaeblrlars. EG4. S 236
5568. CC 236 5324. ROBERT HARDY.

t. Eves 8.0.

mats Weds

SIAN PHILLIPS DEAR LIAR, Eves 8.0.
Set 5.15. 6 8.30, Halt price i

Olffee 01-179
Trent 6.

"Ssi.

Pre-ttieaire t apper

NATIONAL THlATRB "S' 1 928 2252.
OLIVIER (open stapel Ton't Tonw 5.30
THE ORESTEIA in Its entirety fpfca** be
prompt (dr 5.30pm start— regret late-
comer* muct ttand 'Ul Interval). Tomoa
10. 30am Wsrtohpp with Edward bad
on nls approach to writing and directing
f or th e theatre. Tkts £1.50.

LYTTELTON i proscenium uanei. Low
price press Ton't Tomor 7. 45 UNCLE
VANYA bv Anton Chekhov.

COTTESLOE (small audltorlom— How price
IJrtli Ton r 7-30 Torw 2.30 X 7.30
TRUE WEST by Sam Shepard.

Easeilenl cheap into d*v p» peH .il. 1 3
theatre*. Also randby 45min befo«i
Start, Car park, RcaUprant 928 2033.
Credit urd bkgs 928 5933.

NT abo at HlK MAJESTY'S.

NEW LONDON. CC DrurY Lane. WC2.
01.405 0072 or 01-404 4079 Evs 7.45.
Tue* and Sal 3 0 >nd 7.45. The Andrew
Lloyd-Webber -T S. Eliot Award Wlnntoa
muilcal CATS. Group booking* oi -405
1567 pr 01-379 6061. LATECOMER5
NOT ADMITTED WHILE AUDITORIUM
IS IN MOTION. PLEASE BE PROMPT.
NOW BOOKING TILL JAN- 29.

PALACE. CC 01-437 6834. CC Hotline

437 8327. Andrew LlOVd-Webbnr'l SONG
AND DANCE. Starring Marti Webb &

Wayne Sleep. Mpn-Frl 8 pm. Mato Wed
3. Sat 5.45. 8.30. Same pood seat*
still available most pert*.

PHOENIX THEATRE (Charlna __

01-836 2294-8611. Eves 8 0. Fri a. mi

6.0 A 9.0. ONE MO' TIME] THE GREAT

.NEW ORLEANS MUSICAL ONE MO
TIME IS A GOOD TIME! Group film
01-379 6061 Rina THediu 01-200
0200 tor IrataM confirmed CC- bookings
24 -hour perian al tarvlca aviRabto.

PICCADILLY. S 437 4S06. CC 379 6S6S.
GStfp sale* 01-836 3962. 379 6061.
Prestar bkm Key 220 2324. Mon-Frl
7.30. Mat Wed 5.0. Vat 5.30 X 8 15.
ROYAL SHAKE5PEARE COMPANY ^ in
Willy Russel l 1 ' new comedy educating
RITA.

PRINCE. EDWARD. Tim Rice and Andrew

Lloyd-Webber*'. CViTa. Directed bv
Harold Prince. Evgs 8.00. Mats Thur
(economy or Ice) and Sat 3.00. En pert

S3* 10 15. s Bo* oMce 437 6877. CC

Hotline 439 8*90 Group Mia* 379 6061.
or Bax Office, fa Iniunt 24 -nr Mas
ring Telodat* Ot-200 0200.

PRINCE ' OF ~ WALLS ~THEATM. 930
8681. CC Hotline 930 0846 or Tetedara
01-200 0200 124-hour bkos) or boohing
on entry. ROY HOOD, CHRISTOPHER
TIMOTHY in UNDERNEATH THE
ARCHES. A mirikal <H the Flinatan 5
Allen story Evo* Mon-Thur* 7.30. Frl
6_Sat At 5. IS d, 8.30. Croup Bln Bps
O ffice 01-379 6061-

SAVOY. S 01-038 8Sb9.CC 9 30 0731.
Evenlnoi 7 45. Mats Wed 2.30. Sits
5.0. 8.30. MICHAEL FRAYN'S NEW
COMEDY NOISES OFT. Directed by
MICHAEL BLAKEMORE.

SHAFTESBURY. S CC. Shaftaaaorv Ave.
WC2. Tel. Bo» Office 836 6S96. 2nc
Year Nell Simon's Hit Musical TOM
CONTI with SHriLA BRAND. THEY'RE
PLAYING OUR SONG. Evps 8 0. Sat
5-0 X 8.30 Students £4. Credit Card
bkgs 93D 0731 €4 linesi. 9.00-7. DO. San
9.0D-4.30 Red groan bkos 01-939 3092.
LAST 2 DAYS.

CT. MARTIN'S. CC 836 1443. Evgs 8.
Tuesday Mai 2 45. Saturday Si 8.
A patha Christie's THE MOUSETRAP.
World's longcst-ever run. 30th Year.

STRAND. CC 836 2660-41 43. RAL PH
RICHARDSON. JOAN GREENWOOD In
THE UNDERSTANDING. A new play bv
Anoela Hath. Red price prevs until May
10 Open* May 11 it 7 nm. Eves Mon-
Sat 8 pm. Mat Sat at 5 pm. Group tales
Box Office 379 6061.

TALK OF THE TOWN. CC 01-734 30S1.
For reservation' or on entry London's
Greatest Night Out Ironi 8 pm. S hours
of Top fnterta MMt. THE TALK OF THE
TOWN GALA GALAXY REVUE (9.301
wire a cast « is. JULIE Rogers
(t 1 p«nl. Dinner. Dancing. 3 bands.

QUEEN'S. S CC 01-734 1166. 439 3849-

4031. Group sain 01-379 6061. Even-
bias 8.00. Mat Wed 3. Sat 5.1S and
840. ANOTHER COUNTRY by Julian

VAUDEVILLE. CC 01-936 9986. Evr. 9.
Wed mats 2.45. Sato 5 X 8. GORDON
JACKSON In AGATHA CHRISTIE'S
CARDS ON THE TABLE.

RAYMOND REVUflLAR.CC 01-754 1593
At 7.00. 9-00 and 11.00 pm. Open
Suits. PAUL RA YMON D presents THE
FESTIVAL OF EROTICA.

ROYAL COURT. S CC 73D 1745. E

8.0. Sol Ma* 4.0. Map Evgs x
Mat all seas 52. NOT OUfTE JERU
SALEM bv Pam Keffibef.

SI

ROYAL COURT THEATRE UPfTAIRS 730

25547 BAZAAR Ar RUMMAGE by Sue
Townsend. Prev Toa'L Tomor 7.30.
Opens Mon 7.0. Sub Evgi 7.30.

SADLER'S WELLS THEATRE. PCI. S37
167211673/3856 Credit canto 1 Oam to
6pm 278 0871 >837 7S0S Grp Sales
379 6061 24 Hr Instantly contented

res 200 0200 m

Now production ” Offenbach j THE
GRAND DUCHESS OF GCROLSTEIN
“Song! that dancel Dances that stnpr'
Last Three Purfs Ton't 7.30. Tomor Mat
chlpn 'j teen 2.30pm & T.30. Tkts

Royal BaHet From TPM to

Mm.

Eprinq Dane. EuAifrlptM Saaaaa Tel
01-278 08SS tor brochure any time day

AMP

K PARKING alt 6.30pm.

VICTORIA PALACE. 01-834 1317-8
81-828 4735-6. E*9* j 7.S0. Mats WM
X Sat at 2.30 Limited MimMr of good

lean avail ten week; ELIZABETH

TAYLOR in THE LITTLE POXES by
LILLIAN HELL MAN. Credit cards
accented. Group teles 01-279 6061.
MUST END JULY 3.

WESTMINSTER. CC 134 0283- HANNAH
GORDON, GWEN WATFORD. PAUL

DANEMAN In TH8 JEWELLERS 1HDP
by Poor John Paol II.
from Ml “

_ . Red price prevs

lay 17. Em 7.45. Mato Wed A

Sal 2.30.

WHITEHALL. E39 6973 930 8012 -7765.
CC 988 66*3-4. Grotto sale* 379 60C1.
JOHN WELLS In ANYONE FOR DEMIST
Mon-Sal fi. IS om Sat mat 5 pm. Student
CUndby £3 SO 1 hr before Perl Mon- Sat
MUST END MAY 22. LAST WEEKS

WYNDHAMT. 5. CC. Charlno X Rd 836
3029. CC 379 GS63, Grp reductions

836 3962. Mon-Frl 7 ID. Sat 4 SO A
B .00. Wed mat 2.30 COLIN BLAKELY
ROSEMARY HARRIS .« ARTHUR
MILLER'S ALL MV SONS dfa-Kted bv
Mlcnaal BULcmore. Student* £3.58 beat
seats avail in advance.

YOUNG VK (Water - 1001. 928 6363- 7.30.
Mat Sat 2.30 IS win onlvi ROMEO
AND JULIET. All mats £2.38 (party rod.

F.T. CROSSWORD
PUZZLE No. 4,865

ACROSS

1 A defect that miners may
encounter and dancers may
make (4-5)

6 Flower that means destiny
to you and me (5)

9 Type of plastic pole in
curb ... (5)

10 . . . and kidnap the same,
it should help the actor to
keep his hair on (6-3)

11 Initiative needed to go in
and force open (10)

12 1 perform with learner an
object of love (4)

14 Airman left in deep mud ?
It’s a wonder ! (7)

15 Aquatic carnivore and insect
produce something that stops
a leak (7)

17 Think it could be question-
able (7)

19 A game with four dice
having close interaction
(2-3-2)

20 Behold ship that’s a write-off

(4)

22 Niggard I bind with rope in
a relaxation of monastic rule
( 10 )

25 Fat fish found in mercantile
fleet (9)

26 Miner, subject to disturb-
ance. is unarmed (5)

27 Cactus giving name to stont

(5)

28 Fabulous writer of tradi-
tional stories (9)

DOWN

1 Minister to wait upon (5)

2 Simple definitions ? Never,
never ! (4, 5)

3 Burrowing insect or one who
supports that which is fair
and sporting (3-7)

4 Increases desire in rising
flood (7)

5 Stumble upon tittle sister

shampooing (7)

6 -Learner taking gas In den
(4) -

7 Some French got up in
Roman clothing (5)

8 Foolish person is ordinary
to Pole (9)

13 French capitalist holding
notice that’s delightful (10)

14 Male of extravagant physical
development or a Moham-
medan we hear (fi-3)

16 Genus of shrubs seen only
on a clear night (9)

15 Four or six in test— that's
of little importance (7)

19 Sugar mountain, hut sailors-
try to avoid it (7)

21 Punched-out picLure of a

.fight? (5)

23 Man of straw who is speech-
less (5)

24 Security for part of a wicket
(4)

Solution to Puzzle No. 4,864

Fin^dal-. Times -I^day.May ,7. .1982

FINANCIALTIMES

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 48Y
■Telearams: Finantiiria, London F54. Telex: 8954871

Telephone: 01-243 8000

Friday May 7 1982

A meeting of
Africas

When President Kaunda of
Zambia met Mr John Vorster.
the then South African Prime
Minister, in a train on the
Victoria Falls railway bridge m
1975. the meeting was an
important step in a process
whirri led to big changes in
southern Africa— ultimately the
settlement In Zimbabwe.

La«t week’s affair, when
Dr Kaunda met Mr Vorster’s
successor, Mr F. W. Botha, at
a table straddling the border
between Botswana and South
Africa, promised much less.

Dissent

Cynics would argue that both
men had much to gain in domes-
tic political terms from the en-
counter. Dr Kaunda dearly
needs external issues on which
to focus the attention of his
electorate, at a time of acute
economic recession and grow-
ing pnlitfczl dissent. Mr Boiha
is just merging from a bloody
sDlit within his own ruling
National Parry and similarly
needs the stature to be gained
by an exercise in statesmanship,
to distance himself from the in-
fighting..

However, neither leader was
in a position, or even particu-
larly inclined, to make any
dramatic concessions on the
substantive issues under dis-
cussion: the efforts to promote
a settlement in Namibia, the
deterioration in relations
between the black states of
southern Africa and. the' white-
ruled South, and South Africa's
internal racial policies.

Yet it is just because of
the very gloomy state of rela-
tions between the black slates
and South Africa that any
encounter, however apparently
sterile, should be welcomed.

Progress towards a settle-
ment in Namibia is practically
at a standstill. The Western
contact group, consisting of
Britain. Canada. Prance, the
U.S. and West Germany, which
has now been pursuing aa
acceptable formula for the ter-
ritory to win independence
from South Africa' for more
than four years, has gone to
some lengths to accommodate
Sir Bootha’s suspicions about
the settlement plan. As a re-
sult. support from the front-
line states of black Africa,
including Zambia, has
dwindled, and the latest
Western proposal for voting
procedures has this week been
vetoed by Sura po, the principal

nationalist movement In the
territory.

Dr Kaunda does not have
much influence with Swapo —
far more important is the
Marxist government in Angola.
Mr Bmha. for his part, was
hardly likely to make conces-
sions at home or on Namibia
when he already faces a major
right-wing revolt within South
Africa.

As for relations in southern
Africa as a whole, they have
deteriorated since the indepen-
dence of Zimbabwe two years
ago.

Virtually all the front-line
states are convinced that the
South African Government is
actively involved in ‘destabilisa-
tion.” including material sup-
port for the sabotage operations
of dissident groups. For tis part,
Pretoria is resentful and sus-
picious of the Southern Africa
Development Co-ordination Con-
ference (SADCC). by which the
black states ar e seeking to
reduce their economic depen-
dence on their wealthy neigh-
bour. It also accuses them of
harbouring anti-South African
guerrillas.

The talks will have given. Dr
Kaunda an opportunity to argue
that Mr Botha should not feel
threatened by his neighbours.
These countries are still over-
whelmingly dependent on South
Africa (now Zambia's second
largest supplier, and the conduit
for a third of its exports and
45 per cent of imports).

Detente

Mr Botha was prepared to talk
about South Africa's domestic
policies — in itself a concession
which has been attacked by his
critics at home— and chose to
outline how he saw his
cautious reforms progressing.

Apart from that opportunity
to prove his god faith, Mr Botha
knows that his willingness to
talk will be well construed in
Washington and the West, But
he mast also be aware that Dr
Kaunda now needs some gesture
from him to answer those
African leaders, like Tanzania’s
Dr Nyerere, who disagreed that
the time was right for talks.

The whole exercise cannot be
compared with Mr Vorster’s
detente initiative of the 1970s.
But even if the achievements
prove modest in the extreme, the
slightest move towards recon-
ciliation of opposing views in
southern Africa will help the
long-term prospect of stability.

The challenge to
Britain’s ports

DOCKERS’ DELEGATES in the
Transport and General Workers’
Union would be well advised to
agree tomorrow to accept their
committee's recommendation
and call off the national strike
threatened to begin on Monday.
Although some ports claim to
see signs of a recovery, the
industry remains in poor finan-
cial shape. For them, for the
economy as a whole, and for
dockers’ job prospects, a strike
would be disastrous.

The threat of it would only be
deferred, however. The union
wants over SO ports. . employing
some 6.000 dockers, brought into
the 1967 national dock labour
scheme. The Government has
given them only a glimmer of
hope that this can be achieved:
it has agreed to discuss specific
union proposals for the inclusion
of a single port, which the
TGWTJ would consider to be a
first step.

Resistance

The union will have difficulty
in finding a port where em-
ployers would not resist such a
move- and a stoppage may well
be called again if the Govern-
ment turns down the union’s

proposals. It would be the first
national dock strike since 1972:

There is no case -for saddling
unregistered ports— including
some highly successful ones,
like Felixstowe — with a rigid,
expensive, over-bureaucratic
scheme which can act as a dis-
incentive to efficiency. The sad
thing, however, is that Ihe
industry is in danger of throw-
ing away an opportunity to
modernise the scheme in such
a way as might make it less
objectionable to the ports
industry as a whole.

The opportunity arises
because the massive redundan-
cies which have cut the regis-
tered workforce from. 57.000 .in
1967 to 18,000 today, and which
have been the source of aggra-
vation, may be nearing their
end.

Although some employers be-
lieve the registered workforce
may come down as far as 10,000.
the National Association of
Port Employers feels it may
stabilise at about 14.000 by end-
1984. The Government has pro-
vided a cleverly-constructed
debt write-off and rescheduling
for the industry’s severance
scheme Jo achieve this.

Dockers are understandably
resentfui of attacks on their
unique employment arrange-
ments. The statutory scheme

gives them joint regulation of
the workforce with employers.
The voluntary pact which ended
the 1972 strike virtually rules
out compulsory redundancy. It
requires that if a company
closes, other employers in the
same port must take on its
registered workers.

Redundancy

These-, arrangements have
acted .as a drag on the job-shed-
ding made necessary by con-
tainerisation and other cargo-
handling : developments, and
hindered the removal of labour
surpluses whit* have in turn
impaired productivity improve
meats. They have also made
redundancy terms very-
expensive.

Most employers realise, how-
ever, that the balance of power
in the docks makes it impossible
to ‘'break” the scheme com-
pletely. The dockers must be
persuaded that it is passible to
thrash out a more flexible
employment regime, while re-
taining much of their special
protection.

There are many ways it
could be done. Series considera-
tion should be given to moving
from statutory to voluntary
joint regulation, perhaps by
using the industry’s existing
national joint council and port
committees.

The -aim must be to end
battles of national principle,
and allow employers and
employees in individual ports to
concentrate on improving pro-
fitability and productivity.

Unrealistic

Dockers expressed opposition
to moving towards voluntary
regulation during recent talks
in a working party of the
nation! joint council. Instead
they asked for a joint approach
to Government-not accepted by
employers-— seeking implement-
ation of the Dock Work Regula-
tion Act 1976, to open up inland
freight-handling jobs, as well as
bringing in non-scheme ports.

No wthe focus has shifted
solely to the nan-scheme ports.,
but neither the union- demand is
realistic in its present form. The
TGWU should garee to further
tlaks on modernising the
scheme. Neither union nor em-
ployers can turn the clock back;
the chalelnge is to adapt the
principle of join regulation to
today's changed economic con-
ditions and work together for a
more successful industry.

SYNTHETIC FUELS

The oil shock no-one foresaw

By Ray. Dafter, Energy Editor

S OME OF the world’s most
.ambitious engineering pro-
jects are collapsing. Multi-
billion dollar schemes to pro-
vide fresh oil supplies in the
late 1980s and beyond have
been made as vulnerable as
sand castles at low tide by un-
precedented changes in energy
demand.

Exxon has just announced
that it is abandoning its $5bn
(£2.8bn) Colony shale oil pro-
ject in Colorado, recognised in
the U.S. as a trailblazer for syn-
thetic fuel production: A week
ago the C$13bn (£6bn) Canadian
Alsands tar sands proposals
were shelved following the with-
drawal of a number of oil in-
dustry partners, including Shell
and Gulf.

They were not the first vic-
tims of the new energy climate
— an apparent surfeit of fuel,
falling oil prices and a ■ more
conservative view of future
energy growth.

Cancellation or deferral has
hit numerous other projects to
produce synthetic fuels— a
phrase describing a variety of
unconventional processes to
create oil or gas from coal, lig-
nite, shale and deposits of veTy
heavy oil.

The change in the environ-
ment for synthetic fuels has
been extraordinarily rapid. It
was only a matter of a few
months ago that oil companies
were talking about a rapid
development of major projects,
spurred on by the prospect of
OR prices rising by 2 or 3 per
cent a year in real terms over
the late 1980s and 1990s.

Even the National Coal
Board's comparatively modest
proposal to demonstrate oti-
from-coal technology seems
doomed following the with-
drawal- on Wednesday of British
Petroleum, one . of the key
equity partners. The £55m pro-
ject would provide the NCB
with a 25 tonnes a day pilot

Oil from coaL Only a year
ago it seemed that at last
it could be made to pay.
But the boom in syn-
thetic fuels has come to
a dramatic end. Falling
oil prices— and the oil
glut — have led com-
panies to scrap huge pro-
jects worth billions of
dollars.

Synthetic fuels will
still be needed at some
point in the future. But
for now the energy indus-
try has to find ways of
cutting the costs of the
new processes and over-
coming some of their
environmental and tech-
nical problems.

plant at the Point of Ayr in
North Wales.

The plant has been designed
to test the NCB's liquid solvent
extraction process, technology
which enables coal to be
4< cooked in its own juices " and
turn into petrol, diesel fuel and
kerosene.

Even the oil industry is begin-
ning to hold back exploration
and development work while it
reassesses the future trend of
demand and prices. In the
North Sea several field develop-
ment projects, earmarked to
cost a total of over £3.5bn, have
.been shelved because of pricing

uncertainties, taxation ' con-
straints and technological prob-
lems.

In the U.S.. still the centre of
oil industry activity, the rate of
oil and gas drilling- is falling.
Latest estimates from Hughes
Tool Company suggest that the
average number of active rigs

this year could be. around 3.800,
some 4^J per cent less than in
1981. Only five months. 3SO.
Hnghes- was projecting that the
U.S. oil and .gas industry would
need an average of 4,500 mgs
this year. .

According to Mr John Licht-
blau, president of the New York-
based Petroleum Industry
Research Foundatidn, theworld
is experiencing another ‘'oil
shock.” But -unlike the- trau-
matic events in 1973-74. and
1979-80 it is -the oil producer?
rather than the. consumers who
are feeling -the -pain. ..

The present shock ... to ' the
energy system comes from the
unprecedented . drop in oil
demand. Mr Iachtblau points
out that as a result of the first
crisis in the early 1970s aon-
eommunust world oil production
dropped by 9 per' .cent before
resuming its 'upward climb.
Ihe world's response to the
1979/80 crisis bad resulted in a
much more dramatic decline in
demand. World oil production,
outside the Soviet bloc and
China, could be down to about
43m barrels a day litis' year,
16.5 per ceiit below the peak
in 1979.

There are many oil industry
planners who believe that as a
result of sluggish economic
activity and energy conserva-
tion it may be eight years or
more . before oil demand is
restored to the 1979 ieveL

This means that for much of
the 1980s some producers— par;
Jocularly those in the Organisa-
tion of Petroleum Exporting
Countries — win have to content
themselves with a substantial
amount' of shut-in capacity.
Opec’s average output in the
first quarter was about 20m
barrels a day, two-thirds of its
capacity. • -

' One; of the first priorities of
the energy industiy is to re-
duce the production cost of syn-
thetic fuels. Shell and other oil

companies reckon it costs be-
tween $17 and $45 a barrel to
produce liquids -from oil sands,-
or shale. The’ conversion of t
coal. into a liquid fuel is even!
more expensive— between $5$
and $7$ a barrel. And these
figures take no account of taxa.- -
tibn or costs, associated with r& ,
fining, storage and distribution^

Few energy planners expeefc ,
crude oil prices (now between- t
$30 and $35- a barrel! to ris%
appreciably in real terras over; ,
the next 20years. The Interna? '
tional Energy Agency, has
veloped two new scenarios -fq§
the oil industry. One of these
would, involve oil prices fa lling !
to about $28 a barrel, in 1981, >
dollars, by the mid-1980s and
remaining at that level in real ’
terms until the turn of the ceqr- .
tuiy. The other view, regarded 1
in the agency as being morg.l
realistic, would involve prices
dropping to $29 a barrel in is8| j
and then rising to around $4^ -
(in 1981 dollars) by AD 2000.*

Last year the agency was pro-
jecting synthetic fuels could
contribute between 4m and Srij
barrels a day towards the Wests
energy supplies by AD 2000.
Those estimates are now recogr
nised as being unrealistic. '

But the agency takes the view
that synthetics will play an im-
portant role in meeting the
world’s' requirements for liquid
and gaseous fuels from early jk -
the next century. The neqi
could come sooner if demand
for oil grows at an unexpected^
rapid rate, or. perhaps moti
likely, some political or military
event .seriously restricts sup-
plies of. conventional oiL ?

In the meantime the energy
industry welcomes the breat
space. If was growing ini
ingly concerned that it
rushing into major synthetic
fuel projects with insufficient
knowledge' of the economic, en-
vironmental and technological
problemsl 0

The U.S.: deferrals, delays and withdrawals

EXXON Is not the first major
U.S. oil company nor the last
to have had second thoughts
about pumping millions of
dollars in oil shale or other
synthetic fuels projects. Even
the U.S. Government, to-
gether with the Japanese and
the West Germans, last sum-
mer scrapped a SLSbn coal
liquefaction project in West
Virginia. And Occidental Pet-
roleum, Standard Oil of
California. Gulf Oil. Standard
Indiana, Conoco, Cities Ser-
vices and a host of other com-
panies have announced
deferrals, deJays or outright
withdrawals from synfuel
ventures.

But when Exxon, the
world's largest company in
terms of revenue, decides" to
scrap a project of the scale
of- its $5bn Colony oil shale
Venture in Colorado — : as it
did this week — the move
sounds very like, a requiem
for the American synfuels
business.

Yet it is barely two years
since former President Jimmy
Carter announced with great
fanfare a $88bn Federal pro-
gramme to create as swiftly

as possibly the world’s big-
gest synfuels industry.

Mr Morton Winston, chair-
man of Tosco, the disappoin-
ted partner in- Exxon’s
Colony project, warned this
week that the discontinuance
of Colony was a grave set-
back to hopes of a commer-
cially viable syn fuels industry.
But Exxon’s move, in retro-
spect, was not altogether sur-
prising, despite the shock It
has caused.

Three major factors had
been working for some time
against U.S. synfuels. The
international oil glut, falling
demand and falling prices
have been squeezing even the
mightiest oil company.
Exxon's announcement a few
days after scrapping the
Colony project that it was
returning to the debt market
for the first time since 1976
underlines the extent of this
squeeze.

Exxon, together with other
oil majors such as Mobil and
Texaco recently reported poor
first quarter earnings. Some
were down by as much as
22.5 per cent.

The second factor has been

the fast rising construction
costs of the synthetic fuel
projects at a time of continu-
ing high interest rates.
Although Tosco has revised
its cost estimates for Colony
- from $3.1bn in 1980 to $3.7hn,
Exxon claims it would now
cost between S5bn and $6bn
to complete the scheme, de-
signed to produce the equiva-
lent of _5%000 barrels of oil
a day from shale.

The third factor has been
the drastically, different
approach which the Reagan
Administration has adopted to
energy policy, especially to

synfuels. Unlike the Carter
Administration the Reagan
philosophy has been to leave
energy development largely to
the private sector and to mar-
ket forces. Although it has
left in place the Synthetic
Fuels Corporation, the. Gov-
ernment agency set up by
President Carter to supervise
with the Department of
Energy the financing and de-
velopment of the synfuels'
industry, the corporation’s
goals have been greatly
altered. As Mr Edward
Noble, the chairman of the .
Synfuels .Corporation , Board

COMPARATIVE ENERGY COSTS*

North Sea oil (existing fields)

Liquids from oil sands/shale (N. America)
Indigenous coal (LLS.)

Liquefied natural gas imports (Europe, Japan, U5.)
Synthetic natural gas from indigenous coal ( U-S-)
Liquids from imported coal (NLW. Europe)

Technical production cost
($ per barrel )t
5.7-22.8
17.1-45.5
4J- 9.1 '
2&S-45J
39.8-62-6
51 Jr 74.0

*ln February 1982 & converted from 1980 dollars on the basis of a 13.8%'
Increase In the U.S. capital price index between July 1880 and February 1982.
fPer barrel of oil equivalent on a thermal basis.

Source: Shetl and industry estimates.

appointed by President Rea-
gan, put it: “We are trying to
pick competitive projects but
we are not interested simply
in numbers.”

The synthetic fuels legis-
lation -and its goals approved
by Congress -two years ago
have, on paper- at least not
changed. The legislation
enabled the setting up of the
Synthetic Fuels Corporation
to grant, among other thongs,
financial backing in the form
of Federal loan or price
guarantees (or both) for up
to $20bn to" 1984. Subse-
quently It would be able to
grant, after congressional
review, a further $68bn in
Federal support. The idea
was to set upr - an industry
which would be producing
500.000 barrels a day of oil
from synthetic fuels by 1987
and ' 2m barrels' a, day ' (or
nearly half . the current U.S.
oil Imports) by 1992.

Nobody expects these dot
lar and oil barrel targets to
be met Not only the Reagan
Administration, but the oil
Industry in general how per-
ceives that conventional oil
will remain in greater supply

for many more years to come
than forecast only, two years'
ago. . .

Although Mr Noble of the.
Synthetic Fuels Corporation
abides by. the Reagan energy]
philosophy of “* if the private
sector doesn't want it, why.
should the Government want
It” he says he was sorej^to,
see the Colony project go. Bur
he claims Exxon's decision is
by no means- the end of the
UJ5. synthetic fuels industry.
Union Oil Is pressing ahead
with its $2bn shale project
in Colorado.

Mr Noble, who points out
that 90 per cent of the coun-
try's fossil resources are oil
shale, coal and tar sands, sayi
-that what the corporation If
now -trying to promote is the
development of the necessary
infrastructure, technology*
manufacturing knowhow and
qualified people so that when
the time finally comes fo#
synfuels the pieces will be id
place to exploit it ** The timS’
to fix the root is when th£
sunshines.” he said. - rt

Paul Betfs
in New Yorff

Men & Matters

Last stand?

Life can be as tough for former
prime ministers as for the sit-
ting tenant. Poor James
Callaghan, aged 70, was com-
plaining yesterday that he yet
may have to ring down' the
curtain on his distinguished
career by applying for redun-
dancy money.

His wry humour was pro-
voked by publication of the
new Boundary Commission pro-
posals for the County' of South
Glamorgan which embraces
five Parliamentary' seats includ-
ing Callaghan's beloved Cardiff
South East which he has repre-
sented since 1950

The proposed new boundaries
for his seat would take in large
Tory districts ' and would carve
up a traditional Labour strong-
hold in Cardiff. -The re-jigged
seat would be known as .Cardiff
South and Penartb, and the
changed pattern of voting affilia-
tions could be quite sufficient to
re-organise the elder stateman
right out of Parliament.

A year ago :the Boundary
Commission made a provisional
recommendation for South
Glamorgan which would have
returned Callaghan’s seat to its
old designation of Cardiff Sonth
and given him a sporting chance
of re-election.

Bank draft-

Johannes Wiitteveeo. former
managing director of the Inter-
national Monetary Fund, seems
to have made the transition
from gtobe-trofctmg civil servant
to the commercial banking sec-
tor with no loss of Ins smooth-
talking diplomatic skills.

In London yesterday to pre-
sent- a report on currencies by
the New York-based Group of
30 monetary gurus, Witteveen,
now an adviser to the Amster-
dam-Rotterdam Bank as well as
chairman of the Group, care-
fully avoided sticking his neck
out on tixe subject of foreign

exclraoge fluctuations.

Although large chunks of the
report were devoted to criticisms
erf the U.S. government's refusal
"to intervene on the currency
markets; Witteveen resolutely
avoided saying anything that
might unduly upset the
Americans.

The impact of the report's
other principal recommenda-
tions — that the Americans
should make more efforts to cut
their budget deficit — was lost in
the unusual Javisbness of the
surroundings.

The site for Witteveen’s Press
conference was Amro's
grandiose London office — a
prime site off Moorgate most of
which is taken up by an ornately
useless courtyard and a Kew
Gardens-like luxuriance of
potted plants.

Witteveen sai dThe Gorup—
made up of active and retired
central bankers, economists and
industrialists— would be discus-
sing with U.S.. officials how to
control the dollar at the forth-
coming round of international
monetary meetings.

What would be the reaction of
Beryl Sprinkel, the U.S.
Treasury’s truculently non-
interventionist under-secretary.

The strongly monetarist views
of the pipe-smoking, back-
slapping Sprinkel — who by
chance is also visiting London
at the moment— are a regular
source of anguish for the more
delicate breed of European
centra-T bankers.

Perhaps with the thought of
a possible chance encounter in
Piccadilly, Witteveen parried
the question with diplomatic
finesse — saying he would prefer
to leave the answer to the
assembled journalists’ imagina-
tion.

Spiritual drive

Two, Kings 9: 20. it said on the
rear bumper of a green sports
car seen on the M6 near Birm-
ingham. If you can remember

the text long enough to look it
up Lt makes for a good delayed-
action conscience-pricker:

“And the driving is like the
driving of . Jehu the son of
Ni-mshi; for he driveth
furiously.”

The original Hebrew may
have been even more apposite
to motorway driving. “Furi-
ously” turns out to be a free
translation of "in madness.” .

Miner role

So Arthur Scargill's triumphant
arrival in London, the boy from
Barnsley who has taken the
nation by storm to become a
prince among power-brokers as
the new president of the Nat-
ional Union of Miners, -is to be
recorded for posterity in a film
paid for by his proud pitmen.
They will call the epic with
simple dignity The Appoint-
ment.

Well . . . not quite. Yes, the
miners are putting np £650.000
to back' a film called The
Appointment through one of
their pension fund aims called
CIN Industrial Finance.

The film is being made a-t
Pinewood by First Principle
Film Productions and will be
released In July. But it is a
psychological thriller starring
Edward Woodward and Jane
Merrow.

We will have to wait a little
longer for The Arthur ScargiB
Story— Now It Can Be Told to
reach the Roxy.

Mint value

Despite our experience with
the pound, not all money loses
its value with time, of course.

In the early 1900s, American
brewer Virgil Brand spent
about 83m amassing a collection
of coins which, by the time of
his death in 1926, was probably
second only to That of the
British Museum's. Brand kept
the coins, packed in cigar boxes

and leather satchels, hidden
behind bqoks in his apartment
over the Chicago brewery.

The Smithsonian Institution
declined to buy the collection
for a suggested $5ra in 1929,
and more than half of the coins
were gradually sold by Brand's
brothers during the next few
years.

But Brand’s niece, it has
recently been discovered, held
on to her share. Still in their
cigar boxes, the corns have been
kept in three New York bank
vaults for almost 40 years.

Now ' unearthed by her
executors, sales of the coins will
keep Sotheby’s busy for the next
two years.

The first sale of 379 coins,
estimated to be worth £lm, wrli
be held — where else? — in
Zurich on July 1. Coins on offer
.there wiil.iofciude a gold medal-
lion of Galerius Maxhnfan,
struck to commemorate the re-
conquest of Britain in AD 296
and now worth up to £80,000,
and an aureus of Mark Anthony,
minted to pay the legions at
Actium and now valued at
£15.000.

Sotheby's reckons that the
whole collection— a fraction of
Brand's original accumulation —
wfll fetch in the region of £5m.

Test drill

An extract from the Oxford
University Gazette: “'The
examiners appointed by the
Board of the Faculty of Social
Studies give notive that M. A. E.
Forrest, Nuffield College, hav-
ing submitted a thesis on * The
bureaucratization of the dental
health services in Britain: a
study of the interaction between
the Government and the dental
profession and the effect tMs
has had on the provision of
dental care under the National
Health Service’, will be orally
examined oh Thursday , . , "

Observer

— a computerised
database giving
terms and conditions
of issue of some 3,800
International and Euro-
bonds.

comes from

ExteT

the International Bond
Dealer's best friend

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Financial Times Friday May 7 1982

2a

POLITICS TODAY

It’s still only Act HI

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WE ARE now in Act HI. Battle
has been joined, lives have been
lost and nobody knows what
will happen next
Act I was the Argentinian
invasion. Act n was the des-
patch of the British task force.
Act IV will be about the
attempted resumption of diplo-
macy and. possibly, renewed
conflict: the forces of peace
balanced against the forces of
war. Act V will be the denoue-
ment. though Act V can have
many Scenes.

- Late in Act rtl diplomacy is
again paramount. The British
position has both softened and
become more coherent The
trend was already dPtcciabl? m
rhe speech of Mr Francis Pym.
the Foreign Secretary, to the
House of Commons last Thurs-
day when he said: “ It goes
without saying that there must
he an immediate withdrawal of

all Argentine forces Of

course, the necessary time for
that must be allowed. We far
our part would be prepared to
move British forces in parallel.’'

After the military action of
the past few days — the sinking
of Argentina's General Belgrano
and the loss of HMS Sheffield—
the trend has become even
clearer. The British position
has been clarified to one of
securing Argentine withdrawal,
the only precondition being
that there can be no immediate
transfer of exclusive sovereignty
to Buenos Aires.

Virtually any available inter-
mediary will be used: Mr
Alexander Haig, the U.S. Seero-
tary of State, President
Belaunde Terry of Peru, Sr
Perer de Cuellar, the United
Nations Secret a ry-General, per-
haps even Spain.

All that is quite different
from the days when the British
Government (or part of it) was
insisting on the right to self-
determination and the para-
mountcy of the wishes of the
Falkland Islanders, was pooh-
poohing the UN as a mediator
and probably regarded Peru as
something close to a banana
remiblic.

Yet there is still a problem
nf time. If the reversion to
diplomacy does not come to
fruition in a few days, we can
expect further military activity.

Mr James Callaghan, the for-
mer Prime Minister, has
recently made the running as a
lay military strategist. In the

Commons debate last Thursday
he drew a distinction between
a blockading force and an
assault force. Britain had the
' capability for both and he went
on to recommend reliance on
the former.

“ We must be ready," he said.
u to settle into a long block-
ade. if neeessary for months, to
undermine the morale of the
garrison on the islands. We
should prevent the islands from
being reinforced and make die
Argentine forces realise that
they axe beset, beleaguered,
that they have no hope of
rescue and no hope of return.
It is completly different from
launching a frontal assault."

Thus Mr Callaghan laid down
the lines of a lot of the past
week's discussions. The military
option was a choice between
blackade and assault or. to put
it in other words, between attri-
tion and invasion.

It seems to me that he over-
simplified. There is a third or
middle way {hat lies between
the rigours of keeping the fleet
at sea for months on end and
the risk of lives of frontal
assault. It consists of landings.
Why should assault be frontal?
U should be perfectly possible
to land forces on the islands at
places where the chances of
their being much opposed
should be minimal. There need
be no immediate military
engagements of any size,
especially if the landings took
place at several places more or
less simultaneously. Meanwhile
the blockade, which cuts Argen-
tina off from the islands, would
continue.

Such 2 strategy would have
the advantage of putting the
soldiers on dry land, of main-
taining the war of attrition
while further tightening the
screw on the Argentine forces
in the Falklands and, above ail.
of allowing lime for a further
attempt at mediation.

It is the strategy that I hope
the Government will adopt if
the present round of diplomacy
fails.

Still, that is for Act IV. The
first three Acts hare already
provided us with a lot to ponder
for some time to come. Here
arc a few random reflections on
what has happened so far.

The first is the need for a
better international order. Mr
Callaghan noted in the speech
quoted above the way people

„ .. \t*£' .• ..‘Vrf .iilfr . T

HMS Sheffield— Britain’s first major casualty

had gone scurrying back to the
Charter of the United Nations
as they bad nol done for years.
Some people had perhaps never
read it before. It is a very good
Charter.

The trouble is that a kind of
parochialism has developed in
which it is assumed that, how-
ever good The Charter, the UN
does not work partly because it
is thought to be dominated by
a third world basically hostile
to the West and partly because
the very idea of an international
order is thought to be too
ambitious for our time. It is
odd that that should be the view
in 1982. when it was not after
the Second World War.

The Charter offers solutions
to the Falklands problem, such
as UN trusteeship, which, as Mr
Pym has now acknowledged,
may be the most suitable out-
come.

There is, in passing, an

anachronism. If the UN were
being founded today, it is not
obvious that the five permanent
members — with the right to veto
resolutions — would be Britain.
France. China, the United States
and the Soviet Union. Britain
and France are pretty lucky to
be there. There might reason-
ably be claims to such status
from Japan, India. Brazil or
West Germany. One way of
reforming permanent member-
ship of the Security Council
might be to do it on a regional
basis. The European Com-
munity. for example, might be
a single member.

Since these are random
reflections, it is also worth
nol ing the way modern
weaponry breeds a certain
equality even among militarily
unequal powers. It is Argentina
that so far has scored the most
spectacular military success by
hitting the Sheffield with the

French Exocet missile, a weapon
that we now learn is pretty well
invincible when used in the
appropriate circumstances.

Argentina’s armoury is
Interesting in itself. A large
number of the weapons are
Brtish or French: some West
German submarines have rot
yet been delivered. It is quite
possible that ihs same types of
3ri1s!i equipment could be
ranged against each other. What
is the British or West European
policy about arms sales' ot
transfers? Perhaps it should be
looked at again in rhe context
of seeking a better international
order.

There is also the question of
the place of Latin America
within that order. Latin America
is not on the whole full of Nazi-
style dictatorships. It is much
too Latin and easy-going for
that.

It was Mrs .Teane Kirkpatrick,
now thp much-abused U.S.
Ambassador to the UN. who in
a famous article in Commen-
tary first coined tho phrase
“moderately repressive authori-
tarian Govern ir>Tts (MRAGs).
The terms is quite accurate. If
applies particularly to much of
Latin America. The countries
arc not democratic nke Wes-
tern Europe or the U.S.. but
they have some Western tradi-
tions and some Western-style
aspirations.

The question is what attitude
Western Europe and the U.S.
should take to them. Presi-
dent Carter sought to adjust
American policy on the basis of
a country’s performance on
human rights. President
Reagan has tended to choose
rhe different measure of how
far it is anti-Communist : hence
the American effort to woo
President Galtieri’s Argentina,
at least until the Falklands
crisis.

Britain’s attitude has been
rather more commercial
Argentina was considered to be
perfectably respectable and
was allowed, even encouraged,
to biiy British arms until the in-
vasion took place. There is a
certain consistency here in that
Britain took a commercial
approach to Cub2. though not
on arms, despite American dis-
pleasure. Yet if Western
Europe and the U.S. reallv do
form an alliance, and the Euro-
pean Community is a real Com-
munity, ought not policies to

third parties to be more co-
ordinated? Latin America, one
would have thought, is worth
cultivating.

Again at random : some of
the reactions of other countries
to the Falklands dispute have
been indicative of similar dis-
putes beneath the surfare. One
of Britain's strongest supporters
in the European Community on
this issue has been Greece,
obviously with Turkey and the
Aegean in mind.

In Latin America, one of
Britain’s strongest critics has
been Venezuela, the most demo-
cratic country on the sub-con-
tinent Clearly it is mindful
of its own claim on part of
Guyana. Guyana, in turn, was

—unusually — one of Britain's
earliest supporters from with-
in the Commonwealth.

Plainly territorial disputes
are not a thing of the past- That
again reinforces the case for a
better international order and
the need to establish a peaceful
means of settlement preferably
before, but also after, aggres-
sion takes place.

Back to the House of Com-
mons. A number of people
have said to me, hating
listened to the live transmis-
sions of the debates, that
Parliament is at it again all
yah-boos and shouting at each
other. AU I can say, having
watched the debates from the
gallery, is that they have been
by and large civilised

There is something about
radio broadcasting that distorts
the reality. The case for the
televising of Parliament has
never been stronger.

Mr Pym has done very well.
It turns out to be much belter
to have the Foreign Secretary
in the House of Commons,
especially in times of trouble.
Mr Denis Healey and Dr David
Owen have done well too. So,
in my book, has Mr Michael
Foot. But. as I say, there are
still two Acts to go.

The MORI poll in the
Economist today shows the first
decline in support for Mrs
Thatcher since the crisis began.
The Conservative rating is down
to 38 per cent from 43 per cent
a week ago. The bloodshed has
had an effect. Whereas Si per
cent of those polled supported
the cratering of the airport at
Port Stanley, onlv 46 per cent
approved of the sinking of the
General Belgrano.

Lombard

War images and
real life

By David Marsh

THE PARTY is over. The
killing — with weapons that
come from long-range, and
unseen— has begun.

This might at least dampen
the enthusiasm of some sections
of the British media, brought
up on a rich diet of Eagle and
Alistair MacLean, for seeing the
war from 3,030 miles off
through red white and blue
tinted binoculars.

A certain amount of rallying
propaganda may be needed in
times like this. But the jingoism
of some British newspapers has
been appalling. Worse, it has
all added to the feeling that the
Falklands affair would be a
walkover. Look at the headlines
over the past month: “Did
1.20H Argics Drown?:’’ “Get
Out Or We Shoot:” "Wc Gave
’Em Hell:" “We Will Sink
You;" " Now the Enemy
Weakens;" “ Britain Is Set to
Shoot Argles Out of the Sky."

Judging by the more mea-
sured sentiments expressed in
opinion polls, letters to news-
papers and radio phone-in pro-
grammes. the British public
does not seem to share the one-
dimensional view of the head-
line writers. The only conso-
lation is that the Argentine
press appears to be even worse.

The conflict has tended to be
served up here in terms of
simple images. On one level,
it is straightforward Good v
Evil, Tolkien style.

Folklorrfic descriptions of the
Falklanders almost compare
with that of the Hobbits: “an
unobtrusive but very ancient
people, more numerous for-
merly than today ... a well-
ordered and well-farmed
countryside was their favourite
haunt,"

On a second level, the con-
flict — or at least until our ship
was lost — could be reduced in
the media to a game of cricket.
Tho TV panel of ex-Admiralty
experts sums up the capabili-
ties of the two line-ups: how
will the fast bowlers adapt to
the terrain?: and the result may
demand on the weather.

On the third level, the
handling of the whole escapade
too often seems designed to re-
inforce that quiet moral
superiority complex, no less
insufferable for being under-
stated. which routinely applies
to British dealings with
foreigners.

Britain uses "minimum
force” because we are a demo-
cracy; the Navy entertains its
captives to dinner; British
troops can win through even
when outnumbered: our lasers,
radar and stun gTenades are
better than theirs; and it is
absolutely natural that the
Ministry of Defence spokesman
does not lie.

The more complex questions
that should be addressed are
these:

• What happens after the
military operations? The first
thoughts in everyone’s mind at
the moment must be doubts
over a war that could soon cost
as many lives as there are Falk-
landers. But looking further
ahead the Government must
show that it has some idea of
how the islanders are going to
resume their pleasantly
anachronistic lives after the
diplomatic agreement which
has to follow any military
action. Will the Argentinians
continue to provide medical,
transport, fuel and education
services when and if they are
repulsed from the islands?

• If wc cannot now “appease"
dictators, do we have any busi-
ness selling arms to them? Mrs
Thatcher’s statement, in a
speech at a Famborough air
show dinner in September 19S0,
looked chilling enough then :
" Export sales of British
defence equipment will this
year earn £ 1.200m in foreign
currency. That may sound a
large sum and I want to pay
tribute to those who earn it.
But it is not enough.”

If Britain now really finds
the Argentinian regime so
objectionable on moral grounds,
then it should consider a policy
similar to that adopted by
President Carter of banning
arms shipments to countries
which violate human rights.

^ Lastly, how long is long-term?
In looking for a settlement,
commentators' horizons rarely
extend beyond weeks or months.
The Falklands land area is often
compared with that of Wales. It
might be salutory to point out
that the islands in fact are much
more similar in size to Alsace-
Lorraine, which changed hands
four times over 70 years.

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Letters to the Editor

The sale of shares in publicly owned companies

r‘

[Ions

3.SOO

From Mr A. Nelson MP

Sir.— The Government would
do well to pay scant regard to
a number of recommendations
of the tenth report from the
committee of public accounts
on the sale of shares In
.publicly owned companies. As
Lex recognised (April 28), the
proposals for issue prices which
risk occasional undersubscrip-
tion and for dispensing with
the employment of under-
writers, ignore how markets
operate.

Underwriting not only pro-
motes the subscriber's confi-
dence through endorsement, it
also guarantees the full receipts
of sale, which, as the Comp-
troller and Auditor General
pointed out to the committee,
is an essential element of
reducing the public sector bor-
rowing requirement. It is of no
little consequence either to the
employees of companies who
prefer to see an orderly and
successful transfer of owner-
ship. if only because many of
them are shareholders them-
selves.

The committee is prepared to
risk under-subscriptions in

order lo prevent windfall
profits arising. The danger is
that much tighter pricing of
issues win require higher
underwriting commissions or
that the market value of the
Government’s unsold interest
will decline significantly. It- is
fair criticism to say that, with
the benefit of hindsight, four
of the five sales considered by
the committee were somewhat
underpriced, and no doubt all
merchant banks will have taken
note of this. But it is also
worth observing that the
largest sale, 80m BP shares
sold in 1979 for £290m, was
almost spot on the market
price. Moreover, criticism about
the British Aerospace offer
should be more about timing
than pricing (the premium rose
from It per cent to 47 per cent
within t Vo months of subscrip-
tion).

The wider political issue of
the means of achieving a
spread of share ownership was
not addressed by the PAC. I
believe it is essential to pro-
mote the widest share owner-
ship of companies which are
■privatised mainly because their
activities and employment

affect us more directly than
the average public company.
There are many who also feel
that the oligopoly of ownership
by a few institutions is only
marginally less distasteful than
the monopoly of state owner-
ship. The trend from private
lo institutional ownership of
equities may he a secular one.
but the Government should not
accelerate it through tenders or
placings which have the effect
of deterring private applica-
tions.

Since the Conservative Gov-
ernment came to office in May
1979. £694ra worth of shares in
publicly-owned companies have
been sold. The National Enter-
prise Board has sold a further
£123m worth. This is welcome
progress but a great deal more
should be completed this Par-
liament. The political and
economic dividends of a rapid
privatisation programme will
be substantial. The Government
should not endanger the suc-
cess of the remaining pro-
gramme by heeding too much
of the advice offered by the
public accounts committee.
Anthony Nelson.

House of Commons, SW1.

nIT i
Nil

5cn

nd

London Transport
library

From Gilda Archer.

Sir. — On reading Mr Leslie
Chapman's book “ Waste Away”
(reviewed on April' 29) I was
surprised to find his scathing
remarks on London Transport
library. He writes: "No one
seemed to be very busy, except
those in the staff lending library
which duplicated for London
Transport Headquarters staff, at
considerable public expense,
the facilities, including an
admirable record library, pro-
vided normally by local authori-
ties."

Since Mr Chapman felt so
strongly about this, I think it is
a great pity he didn’t even do
a basic research job. During
-liis time with London Trans-
^,1'^ort. he didn’t once come into
;4he library to check with me or
my assistant on its contents or
s . service to the staff. By inftr-
i ivince bis comments suggest the
library was full of leisure books
.and records merely for the
/delectation of the staff at 55
Broadway. Not so!

The London Transport
•library was opened in 1521 as
SP technical and reference point
.for all members of staff
j rough out the LT complex.

- ,^'ooks were acquired for
’students and apprentices and.
’Stnlike the public libraries, they
/were available for their entire
bourse without renewal. At the

end of the course, these were
put back into the system to be
available for the following
year's batch of students.

During the following years
some classical fiction, bio-
graphies and transport books
were added— largely by dona-
tions. It was then decided to
boild a first class transport sec-
tion to aid the work force in
both their studies and their
understanding of the business
of transport. Other sections
were slowly added — travel,
history and the aris but the
main theme of the LT library
was and always has been tech 1
nieal, reference and transport.

In 1978, when I took over as
librarian, the library committee
( run voluntarily by LT
employees who acted a.*
trustees in the best interests of
all the staff), had to decide
what to do with some £2.000
raised by the S3le of s few
valuable books. These books
had been donated many years
previously, but had never been
taken out on loan so the com-
mittee felt they should be sold
and the money put to use for
the benefit of the staff. I
suggested a record library'
which would bring even more
people into contact with the
books available. This proved
to be so. Circulation of books,
largely educational, doubled
within a few months and con-
tinued to Increase until the

closure of the library. So much
for the "considerable public
expense ! ”

Gilda D. Archer.

London Transport,

47-51 Gillingham Street, SWl.

Fireproof

records

From Dr M. Guyer.

Sir, — I am reasonably cer-
tain that quite a number of
fellow readers who have been
looking into the possibility of
purchasing or leasing a com-
puter system for the office of
today, to transform it inio the
office of tomorrow, will have
heard it suggested to them that
they either replace the old
office safe with a new fireproof
one to store the backup
memory data in, or that they
should fHl the space where for-
merly there were filing cabinets,
with a new fireproof safe.

I doubt whether il has
occurred to them that, unless
the new safe is located in an-
other building a reasonable
distance away, they will need
to buy a very large additional
fireproof safe to store the main
computer in. • Somehow. I
further doubt there is one quite
acceptable enough, even lo si ore
the current microcomputer.
(Dr) Martin Guyer.

47 Wtmdstcorth Bridge Road,
S\Y6

Oil research and
development

From Mr W. Favillc

Sir, — -Your front page article
on redundancies in the North
Sea construction industry
(April 21) provokes thoughts
on how we, as a country, can
• achieve effective development
of the smaller “ marginal " oil
discoveries in the North Sea and
those located in deep water.

Clearly the first requirement
is for a change iu the tax levels
and structure so that develop-
ment becomes attractive. There
is also a need for significant
cost reductions in the means of
recovering oil and gas. This
can in part be achieved by in-
novation. research and develop-
ment, but the oil industry is
one in which the R and D
effort is fragmented and poorly
co-ordinated considering ils
size. It appears that the off-
shore supplies office and the
marine technology support unit
(both arms of the Department
of Energy) are the only bodies
trying to hold the effort to-
gether. Surely this is out of
character for a country with a
highly institutionalised commit-
ment to research in most other
industries.

Should the UK oil industry
not learn from the French with
their successful Institute Petrol
du France which is funded by
a tax on petrol. With its staff
of about 6,000 it is a powerful
force uniting the industry in
France. Another parallel exists
in the American electric power
generation industry, where the
Electric Power Research Insti-
tute has united much of the
R and D effort of the 60-plus
U.S. power generating utilities.

Is it not time that the oil
industry and Government put
their respective houses in order
in relation to R and D for the
next phase of offshore oil
exploration and production?
What is required is the equiva-
lent of a Harwell, Windscalc.
Aldermaston, or Doonreay. but
with a new, fresh, and live
approach. The parallels be-
tween oil and nuclear are closer
than some might imagine. Pro-
jects costs are of the same
order, the level of technology
required is similar, and the
potential for environmental
pollution is n burden for both.
The principal difference is that
oil developments arc able- to
show a plus in their financial
assessment.

Much talent exists in the UK
industry, but it is dispersed
through a myriad of commercial
and institutional organisations.
Let us sec some initiatives
before il is too late-
W. S. Favllle.

2fi, Denmark /t venue, SW19.

The Ebic banks br
strengths
experience to your

*9 ■ 9 m €•

More than two decades have
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Today, there are practically no
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And there's 3 whole range of
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investments. In Europe, for
instance, there’s Banque
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Brussels and European Banking
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both offering specialised financial
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In the States, its European
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Enropeao Banks International

Europe’s most experienced banking group

26

Financial Times Friday May .7 1982

Gaatpanies and Markets

UK COMPANY NEWS

British Sugar forecasts f 60m
for year and 35p dividend

lOr ITS, BEFORE tax. of some ^ i

f>m 2 re forecast by British i§(psn iniiTn

^ HluHLIuHTo

PROFITS, BEFORE tax, of some
£SOm are fnrecast by British
Sugar for tbe whole of the cur-
rent year, compared with a
previous £51 m. anti directors
expect lo push the dividend up
from 25p to not less than 35p net
per share.

The forecasts are given in the
group’s interim statement which
shows, taxable profits for the 26
weeks ended March 2S 19S2, well
ahead to £31 m, compared with
SlS.Im, on turnover of £2T9m
l£259.6m). The interim dividend
is doubled to 15p (7.5p) net from
earnings per share up 18.2p to
■£5.2 p.

Tax for the 26 weeks takes
£3.9m. compared with £1.9m.
leann? net profits up from
£16. 2m in £27. Ira. Dividends will
absorb £9m. imainst £4 .5m.

.As March 35, the group's
balance she^t included fixed
a.s?els of £32».Sm ( £249.4m i . net
current assets, down from £47.4m
to £38.Sm. and term loans of
£44. 3m l £46. 2m l . Net assets per
shore are given as 54Q.5p, against
51 0.3 p as at September 27 1981.

Gerrard &
National
£1.5m off

Lex continues to workits way through the company report-
ing season. Leading the column today is its examination of
British Sugar’s 71 per cent advance, before tax, to £31m at
halftime and doubling of interim dividend.. The company is
forecasting £60m pre-tax for the full year. The column goes
on to look at UDS, which is cutting its dividend after very
poor trading in the important final quarter that left taxable
profits down from £16.2m at £13.7m. In the financial sector
Royal Rank of Scotland has produced slightly lower mid-term
pre-tax profits of £43. lm as it finds its main stream banking
business hard going. Lex also looks at discount house Gerrard
and National, where there was a £1.5m decline in. profit bnt
total dividend is lifted by 121 per cent.

On a curent cost basis pre-tax
<£10.3m j and earnings per share
to 2S.3p ( 14p J.

Commenting on Berisford. Sir
Gerald says that 'the EEC Com-
petition Directorate are consider-
ing the anti-competitive position
of the company as a shareholder
in British Sugar.

“Nevertheless Berisford may
be free to make a further bid for

your company after July 1 1982.”

The board has therefore felt
shareholders should be aware,
at this stage, of its assessment of
prospects for the year, he states.

Mr J. M. F. Padovan who was
originally appointed to the board
at the request of Berisford bas
not been involved in this assess-
ment of prospects.

See Lex

Helical Bar
dives into

the red

Carless Capel to raise £16m

Carless, Capel & Leonard, the
oil exploration and refinery
group, is raising £16m by way
of a l-for-4 rights issue at 135p.

The proceeds will be used to
fun'i the ne_t stase of the ». , om-
ppr.y's UK oil and gas explora-
tieT. both on and offshore. The
cas’t call is in keeping \v«tb Ihe
croup's noliey to finance explora-
tion af^Tviics with equity capi-
tal.

Mr John Leonard, chairman,,
yesterday acknowledged that
many comnanies arc curtailing
their exploration activity in- light
of the drop in nil prices, nut he'
said: 11 Gluts will come end glnts
will eo. This is a long-term'
hu'inesR."

Mr Leonard said that Carl ess
has a no 1 frv nf f tensive invest-
ment during ? renes«' n '\ ** T Ve
bj*'»e a renntatfnn for inv\?ti»i?
when other nennle aren’t. T
it is a policy which nays

off.”

At the end of last month.
Cartesw renorfed n se-<-md
well in die Humbly Grove area
had rested nil at a rate of 750
barrels net* dav. In addition,
natural gas was found.

Mr Leonard v*sterdw that
the appraisal rip Pins* of Humhlv
Grove should he completed If
th° end ef August.

The company estimates that its
profit before interest, tax and
exceptional items for the year
ended last March should he
about £2m. which compares with
£2.!9m last year. Net interest

payable for the period should be
£0.3m. A final maintained
dividend of 1.75p is expected.

Carless* U.S. subsidiary.
Resources Inc, is generating a
cash flow at an annual rate of
about S1.5m. including the
estimated return from wells
which will be brought on
stream in the next few months.

The cash flow in the year .to
March. 1983 is expected to be
dose to S6m.

Exploration and production ex-
penditure both on and offshore
in the UK totalled £6.3m by last
.March, of which £5 .8m has been
capitalised. Payments for
Carless* interests in the three
North Sea premium blocks
awarded in fire UK seventh
round accounted for £1.7m of the
£5.Sm.

The capital allowance arising
fro m th is expenditure to ta lied
£4.1m. This amount has been, nr
v/ill be, offset against the com-
pany's taxable income.

As of last March. Carless had
secured loans of £2.1m and bank
overdrafts of £7 ,48m.

The rights issue of 12. 36m
ordinary shares has been under-
written by Laxard Brothers
brokers to the issue are
Laurence, ProsL

theless, the shares held firm at
17Sp on yesterday's news.
Humbly Grove remains firmly
behind the market's enthusiasm.
The onshore site looks very
promising, but Carless’ p/e is
already in the clouds because of
it. Any further rise in the price
would be discounting more
excitement than the site pre-
sently warrants. Carless* chemi-
cal activities remain sluggish,
accounting for the dull result
for the year just ended. The
company bas spent £3m on its
Harwich plant which is soon to
crank up into operation. It
should help the group's margins
in this area, but true recovery
will have to wait for a resump-
tion in industrial demand. The
U.S. oil business is looking sur-
prisingly good, with some 87 per
cent of current operations now
generating cash. Assuming it
kicks in about £lm in the cur-
rent year an Humbly begins to
pay off, the company looks set
to reach £5m or £6m pre-tax.
The forecast dividend gives the
ex-rights price a yield of 2.3 per
cent.

LRC PURCHASE

• comment

Carless ran through the pro-
ceeds of its last rights issue-
some £9.5m raised less than two
years ago— a bit more quickly
than the market expected. None-

Schmid Laboratories, the
American subsidiary of LRC
International, has purchased the
assets of Feminique Products
Corporation for around £600,000.
The Feminique brand has an
annual sales volume of approxi-
mately £800,000.

F. Sumner encouraged despite downturn

PRE-TAX PROFITS of Francis
Sumner (Holdings), which has
interests in textiles, engineering,
plastics and offshore engineer-
ing services, declined fn*-i
£97,000 to £34.000 for the year
ending December 31. 19S1. on
lower sales of £11. 38m. compared
with £15.lm.

Thu directors explain that
within these results the retained
interests of the group, compris-
ing the textile and clothing divi-
sion. accounted for profits of
£119.000 (£102,000) on sales of
£7 .3m (£6.flm).

The non-textile interests, which
were demerged from the group
with effect from July 10, 1981,
incurred losses of £85,000 on
sales of £4.1ro.

It is pointed out that trading
conditions for the group’s spin-
ning and weaving interests
became progressively worse
during the second half of 1981.
On markets already weakened by
the recession, low priced imports
** continued to cause havoc with
the result that realistic gross
margins could • not be main-
tained."-

This led to a decision to close
the group's harrow fabric weav-
ing operation at Cheadle — the
trading losses attributable to this
discontinued operation amounted
to £214,000.

All other divisions in the
group performed well under diffi-
cult trading conditions and con-
tributed profits of £250,000 from
sales of £4L9m.

Trading conditions in 1982
continue to be difficult with
orders on band at the end of
March 24 per cent down on last
year. The directors say .It
remains difficult to predict the
group’s performance for the rest
of Che year but the strong finan-
cial position of the group
encourages them to look forward
with confidence.

Tax for 1981 took £21.000
(£36,000) and after minorities,
and extraordinary debits of
£150.000 (£153.000) there was
an attributable loss of £133.000
(£94.000).

Stated earnings per 10o share
were 0.05p (022p) and, like the
interim, the final dividend is
again being passed, leaving the
special 0.2p net dividend paid in

Gerrard & National

PLC

Preliminary Results

Year Ended 5th April

1982

1981

Profit for the year

£43Um

£5.80im

Total Cost of Dividends

£2356m

£2.Q94m

Disclosed Shareholders’ Funds

£32.I34m

£30.179m

Total Assets

£L564-578m

£1, 464373m

* Group Profit for the Year. Group profit after
providing for taxation and a transfer to Inner
Reserves amounted to £43311,000 (1981 £5,801,000).

4r Dividend. It is proposed that a final dividend of
10.75p (1981 9p) be paid on each Ordinary Share of
25p. When added to the Interim Dividend already
paid of Sp (1981 5p) this makes a total of 15.75p
(1981 14p), an increase of 12.5 %. The proposed
dividend on the Ordinary Shares of 25p each will be
paid to Shareholders on the register at the close of
business on the 27th May 1982.

Disclosed Shareholders’ Funds. The Group’s
Disclosed Shareholders* Funds stand at

September as the total for the
year (0.35pV.

FOR the six months from
demerger to December 31, 1981,
Hartons Group showed a profit
before tax of £37.009, on turn-
over of £4.31m. This compares
with figures for the 19S0 pro-
forma year of £146,000 and
£8.8m.

The group operates the de-.
merged non-textile interests of
Francis SumneT. It is quoted on
the Unlisted Securities Market.

No dividend is recommended
for the period. Stated earnings
per 5p share were 0.16p, before
an extraordinary debit of £36,000
relating to the group’s share of
the demerger costs. Tax and
minority interests each took
£1,000. Attributable loss was
£ 1 , 000 .

The plastics division. Visijar
Plastics. lost £67,000 before lax
on sales of £3m in the six
months, against losses of £98,000
on saies of £2.9m in the first half
to June 30. The directors say
this was the result of fierce com-
petition in the sector, caused by
the recession.

Visijar has now merged with
one of its main competitors. The
new company. Visijar Tuckers,
is owned half by Hartons Group
and half by British Syphon
Industries, and the directors
hope the benefits of the merger
will begin to appear this year.

The engineering products
division. Summer Products, lost
£24,000 before tax on sales of
£1.3m in the second half, mainly
because of lower deliveries on
nursery merchandise, poor
demand from industrial markets
and a late start to the season for
electrical products.

To expand the seat sticks
division, J- D. Norton Engineer-
ing is to be bought for £150.000.
It made pre-tax profits of £23.000
on sales of £161,000 in 1981, and
had net tangible assets of £66,000
at year end.

Harton Estates, the holding
company, with property invest-
ments, had attributable rental
income of £103,000 in the half-
year to December 31.

The directors say an encourag-
ing start by ihe plastics division
combined with a poor perfor-
mance from Sumner Products
produced a disappointing result
for the first quarter of 19S2, but
activity improved in March and
tbey hope this will continue
through the year. They say
Hartons Group remains in a
good position to benefit from
economic reeovery-

£32.13 million compared with £30.18 million
last year.

■$f Total Assets. The Total Assets of the Group

(excluding bills subject to repurchase arrangements)
amount to £1 .564.6 million compared with
£1,464.9 million in 1981.

32 Lombard Street London EC3VSB& Tel: 01-6239981.

Membeis of the London Discount Market Association

May 6

Banco Bilbao

Banco Central

Banco Exterior

Banco Hispano

Banco Ind. Cat. ..
Banco Stanrandar

Banco Urquije

Banco Vucava

Banco Zartgoaa ..

Draqados ...

espanoia Zmc

Fees*

Gai. Prasctados ..

HidroJa

iberduero

Pairoiea*

Petrahber

Sogefua

Teielomca

Umon Elect

UDS fails to maintain

. . from Mid jjU

momentum m second halt southern

DISCOUNT house Gerrard and
National showed a £lA9m drop
in profits to £4.31m for the year
to April 5, after providing for
tax and a transfer to inner
reserves.

The dividend has been lifted
from 14p to 15.75p with a final
of 10.75p net. Dividends absorb
£2.36xn (£2.09m).

At y€Br end disclosed share-
holders’ funds stood at £32.13m
compared with £30.1Sm. Total
assets, excluding bills subject
to repurchase arrangements,
amounted to £1.56bn (£1.46bn).

See Lex

ADVERSE weather in December
and January resulted in lower
turnover at Helical Bar, sup-
pliers of steel reinforcement and
steel stockholder, and pushed
the company into an operating
loss for the year, say the
directors.

For the year to January 30,
1982, the company dived into
pre-tax losses of £86,000, against
previous profits of £210,000.
Turnover was £2. 02m down at
£7.03m. ’

There is no dividend — last year
a total of 2.75p was paid. Losses
per 25p share emerged at 1.3p
• against earnings last time of
10.9p.

Losses in the second half
amounted to £100,000, compared
with profits of £58.000.
etaoin-etaoi shrdiu etaoin etaoln

The directors say that there
has been some improvement in
demand and profit margins in the
first quarter of the current year,
and the group has traded profit-
ably in the period.

Although they say that It is ‘too
early to make a forecast for the
year it is anticipated that there
wit] be an improvement on the
past 12 months.

Investment in Saudi Arabia
has been profitable in 1961 say
the directors and the provision
for diminution in its value is no
longer considered necessary,
resulting in an extraordinary
credit of £26,000 (debit £43.000).

Pre-tax losses included asso-
ciate losses of £36.000 (profits
£38.000). There, was a lower tax
credit of £50,000 (£106,0001.

On a CCA basis attributable
losses emerged at £150.000
(£233,000 profits).

THE FORECAST second half
continued recovery failed to
materialise at VDS Group, pre-
tax profits for the year to
January 30 19S2 fell from

£1 6.24m to £13.74m and the
dividend has been cut.

Results, explain the directors,
were particularly affected by the
poor performance of the ladies
fashion chain which suffered a
serious trading loss and left
group taxable profits for the
second six months down from
£L4.19m to £8. 66m.

Corrective action has been
taken, they say, hut UK saies
were depressed in the final
quarter and the immediate out-
look for the company is not
encouraging. Current year turn-
over so far gives no cause for
short term optimism, they add.
However, full year results will
largely depend upon trading con-
ditions and performance daring
the second half.

Earnings per 25p share for the
year under review declined
from an adjusted 6Sp to 4-6p
and, with the final dividend be-
ing reduced from 3.61p to lp.
the total payment is cut from
6.21p to 3.6p net

Turnover finished £1257m
lower at £435.82m and trading
profits declined from £24m To
£ 20.56m- From these depreciation
and amortisation took £6-82m
(£6.59m) and interest £4.31m
(£6.1mj, while the share of.
associates was higher at £1.95m
against £742,000. There was also
an addition of £2.37m (£4-2m)
for surplus on the disposal of
properties.

Tax absorbed £*LSSm ( £3 -27m)
and there were extraordinary
debits of £7.23m (£22. 69m).

whM the directors say reflect
the continued rationalisation of
the group’s multiple shop chains
and include provisions for the
closure and transfers to. be

DIVIDENDS ANNOUNCED

Corre- Total

Current

of

sponding

for

last

payment

payment

div.

year

year

Altifund Income

4.75

—

4.3S

755

6.8S

Altiftmd Capital

024

—

022

0.36

0.34

British Sugar int.

15

June 21

15

r 11

25

Doranakande Rubber ...

2

— ■

2

3

3

Far Eastern Inv. TsL ...

32

July 2

3JJ

4.7

4.7

Garnar Booth

4

July 2

3.85

6.4

655

Gerrard and N'atnl

10.75

—

9

15.75

14

Norman Hay

L85

—

1.85

3.1

3.1

Helical Bar

nil

— •

L75

nil

2.75

Kwik Save .int

2f

July 1

1.6 . ■

—

5

MarshaiCs Unix

0.1

July 19

0.1

0.1

0.1

Moss Engrg. int

nil

—

2.1

—

5-95

>LY. Dart

nil

—

—

2§

2.9

Platigmun

0.01

June 25

0.01

■0.01.

ooi-

Pritchard Services^ ...

1.75

July 6

1.25

2.5 -

1.75

The MW Southern Water Com-
pany is offering for sale by
tender £7m of 9 per cent redeem-
able preference stock.

. At . the minimum tender price
of £100, the conventional gross
yield is 12.85 per cent, or 18.75
• per cent for those liable to
corporation tax:

The stock is redeemable at
par oil June 30, 19S7. Applica-
tions for the issue, which must
be accompanied by deposits of

£10 per £100 nominal amount of
stock sought, ■ must be received

stock sought, - must be received
by 11 am on May 13.

The first dividend which wilt
amount to £4.663 tret, will be
payable on January 4.

• comment

Richards int 0.3

Royal Bank Scot ...int 2.S

Francis Sumner nil

Sungel Bahru Rbr. inL 0-5
Thames Inv. & Secsjf int L68
UDS Group 1

June 3
July 1

June 15
July 2
Aug. 6

Dividends shown pence per share net .except where otherwise
stated. * Equivalent after allowing for scrip issue, t On capital’
increased by rights and/or acquisition issues, t USM Stock. 5 For
IS months. H Adjusted throughout for capital restructuring. U Total
of Dot less than 35p for cash.

effected during the current year.

The effect of the redaction in
extraordinary items was to turn
an attributable loss of £9.72m to
a profit of £L84m and, with
dividends taking £6.87m
(£ll.$4m), the transfer from re-
serves amounted to £553m
compared with £21.56m.

An analysis of turnover and
profits from divisions shows:
multiple shops £133.6m
(£I37_24m) and £2.4m loss
(£2.95m profit); department
stores £137_96m (£126. 89m) and
£4.07 tn (£7 .49m); home shopping
£5S.3Sm (£63. 95m) and £3.33m
(£2.56m); export and overseas
£95.9Sm (£73.01m) and £3.32m

(£2.95m); dosed businesses -
£9.9m (£47 ,6m) and £1.03xn loss
(£5 .38m).

A direct comparison of

divisional sales performance,
with last year, they point out, is
distorted by the closure of the
mail order business and a

number ef unprofitable units in

the multiple shops division. De-
partment store profits are also
not comparable because of the
elimination of service charge in-
come on consumer credit

accounts following the sale of
the company's debt portfolio.
This is reflected in the reduced
Interest charge.

See Lex

This is the second water issue
in three weeks which offers
nearly a full point less than the
comparable government stock.
The last one, launched as the
fleet neared the Falklands,
shrugged off the crisis and pulled
in an average price of £100.34 an
a minimum . tender price of £99.
That stock and Its predecessor
are both trading at a premium
partly paid form. The steady
demand for these issues bv
those who can take full advan-
tage of the franked income means
that applicants should pitch their
bid at a premium to the tender,
perhaps as, much as £1-00 if the
market doesn't markedly sicken
in the next few days.

BP makes
poor start

to year

Marshall’s Universal rises

A SUBSTANTLALLY greater
improvement in pre-tax profits,,
which ros*? sharply from £26,567
to £152,985. would have been
made ait Marshall’s Universal for
1981. say ‘he directors, i’ there
had not been adverse currency
conditions, bad debt and other
provirion?.

For the second six months the
grouD incurred pre-tax losses of
£57,015, but these were greatly
reduced, compared with the pre-
vious deficit of £498.433.

Turnover for the full period,
of this difiiributor of motor
vehicle accessories and paper
board products, slipped by
£5 .27m to £51. 92m. and the divi-
dend is again a nominal pay-
ment of 0.1 p per share.

Current trading indications for
the group are very encouraging,
say the directors.

Adverse currency changes
affected overseas areas and com-
pounded difficult trading condi-
tions in both the UK and East
Africa. The conversion of East
African earnings into sterling at
the less favourable exchange
rates now applying reduced
trading results, say the directors.
Trading profits fell from £2.75m
Lo fl.R7ni.

An improvement in the UK
arose from earlier decisions to

reduce borrowings by curtailing
motor trading and is* reflected in
a reduction of £310,784 to £1.73m
in interest charges. Pre-tax
profits were also struck after
Tower redundancy and closure
costs of £93.979 (£683,702).

After tax of £312.964 (£689,184)
there were losses of £159,979
(£662.617) giving losses per share ■
of 6.8p (lS.75p).

Extraordinary credits of
£975,856 (debits £98,266) mainly
reflected the receipt in January
1982 of £1.65m on the sale and
leaseback of the company’s
Croydon property.

On a CCA basis pre-tax losses
stood at £978,000 (£824,000)’..

• comment

Management forecasts are be-
ing revised upwards at
Marshall's on the basis of two
months of considerably better
trading in component and paper
and board distribution. The com-
pany’s mood -of cautious
optimism is accompanied by
hopes for some restoration of .
real dividends this year. Borrow- j
logs are now down to around
£lGm. compared with a peak of :
£13.3m at the end of 1980 when
gearing was 40 per cent The
motor sales side has all hut dis- I
appeared in the UK— -with the

number of showrooms cut over
1981 from ten to two — but in
East Africa trading remains
buoyant with exchange rates for
the group's Peugeot dealership
far more -advantageous than- for-
its Japanese competition. Yester-
day the shares rose 2p to 82p on
the improving trend.

IHE FIRST two or three weeks
of the current year at British
Petroleum were very disappoint-
ing. members were told at the
ACM by Mr Peter Wilson, who
was addressing an annual meet-
ing for the first time as chairman.

He said that although the last
few weeks had seen an improve-
ment in the market, we? as
more stable prices, this had come
too late to affect first quarter
results.

However, he expressed confi-
dence in the groups long-term
prospects and said 1982 should
seet he completion of the first
stage, of the current rationalisa-
tion and a basis laid for increased
profitability in future years. '

Brewers-Weymouth & Redruth

•?r ft

-*i ut „•

J. A. Devenish pic announce unaudited Group Results ior
the 24 weeks ended 13th March, 1982. i

This Year Last Year

M. J. H. Nightingale & Co. Limited

27/28 Lovat Lane London EC3R 8EB Telephone 01-62) 1212

* fVE

Turnover-excluding VAT.
Profit before Tax
Corporation Tax— estimated
Profit After Tax
Preference Dividend
Profit attributable to
Ordinary Shareholders
Interim Ordinary Dividend
Rate of tlnimary Dividend -

£

7.889,056

191,298

99,500

.91,798

6,243

£

6,886,944

253,569

131,800

121,769

6,243

Full Year,
to 2.1 0.81
(53 Weeks)
£

19,349,000

1,888,000

584,000

1 , 304 , 000 *

12,000

85,555

82,782

9.0%

115,526 1,292,000

82,782 313,000

9.0% ' -34.0%

1381-82
High Low

Company

Gross Yield

Price Change div. lp) %

Folly
Actual taxed

130

100

Asa. Bril. |nd. CULS...

129

—

10.0

7.8

—

—

75

62

Airsprung

73

—

4.7

6.4

11.6

16.0

51

33

Armitage & Rhodes

43

—

4.3

10.0

3.6

8.1

205

187

Bardon HiU

202

^ 1

9.7

4.B

9.8

12.0

107

100

CCL 1 1 pc Conv. Prol....

106

— -

15.7

14.8

—

260

240

Cindico Group

260

+20

26.4

10.2

10.5

11.8

104

61

Deborah Services

62

—

6.0

9 7

3.1

5.8

131

97

frank Horsell

129

+ 1

6.4

5.0

11.6

23.9

83

.39

Frederick Parker

77

—

64

8.3

3.9

7.5

78

46

George Blair

54

102

93

Ind. Precision Castings

98

—

7.3

7.4

7.1

10.7

109

100

Isis Conv. Prel

109

+ 1

15.7

14.4

113

94

Jackson Group

99

70

7.1

3.1

7.0

130

103

James Burrough

113

—

8.7

7.7

8.2

10.4

334

238

Robert Jankirs

238

—

31.3

13.2

3.3

3.4

65

51

Sciunons “A''

65

—

5.3

8.2

10.0

8.3

■m

159

TcrtFay & Carlisle

159

—

10.7

6.7

5.1

9.5

15

10

Twmlock Ord

14

—

80

66

Twinlock T5pc ULS

so

15.0

188

44

25

Unilock Holdings

25

—

3.0

12.0

4.5

7.6

103

73

Waller Alexander

81

+ 1

64

7.9

5.3

9.4

263

212

W. S. Yeaies

231

—

14 5

8.3

6.0

12.1

For the benefit of new shareholders it is important to point out that the
majority of our trading takas piece in the second half of the year.

Beer sales volumes were maintained against the national trend and the
profitable transfer to bur own brewed beers, continued. Increased [ex-
penses and poor trading through some managed houses resulted in an
overall drop in the level of profit compared with last year.

The remainder of the year will depend very much upon the weather and
the number of visitors to the South West The increase in profits last
year was exceptional and it is difficult to forecast a similar rate of in-
crease in the current year.

The rate of Ordinary Dividend declared for the half year is 9.0%, the
same as last year, the second half of the year, will comprise 28 weeks.

R. S. Hargreaves, Chairman.

Warrants will be posted on 30th June payable on 1st July to share-
holders on the Register at close of business on 16th June. Ordinary
Share Register closed 17th June to 30th June.

The Lombard
14 Days Notice
Deposit Rate
is

m%

KWIK SAVE DISCOUNT GROUT PLC

INTERIM STATEMENT

The unaudited results for the Group for the 26 weeks ended 27th February 1982 are:—

Lombard- North. Central PLC,

17 Bruton St , 'London Wl A 3DH.

For details phone 01-409 3434

Brasilvest S.A.

Nei asset value as of
29 til April 1982

per Cr5 Share: 119.84
per Depositary Share:
U.S.58,273.61

per Depositary Share:
(Second Series)
U.S.57, 769.43

per Depositary Share:
(Third Series)
U-S£6,61L58

per Depositary Share:
(Fourth Series)
UJSS6J.76M

26 weeks to

26 weeks to

52 weeks to

27.2.82

2&2.B1

29.S.S1

(unaudited)

(unaudited)

,• FttOO

£'000

rooo

Sales

235,213

190,251

403,757

Trading profit before taxation

10,683

. 8,846

19,341

Less provision for taxation

- • -Si555 - •

- • - • 4,600

5.747

Profit after taxation

5428

' 4^46

. 13,594

Less Profit attributable to

Minority shareholders

v T '•

57

S3

Profit attributable to shareholders

• ~

before extraordinary item

. 5,128

r - 4.1S9 .

13,511

Less extraordinary item

. . . . —

937

Available for distribution

-5,128 '

. ’ 4,189

12,574

Earnings per share

, ;

(adjusted for rights issue)

7-35p

6.16p

IS.SOp

Sales have increased by 23.6%, whilst there was a 20.8% increase in profits.
Concessionaire rentals including Coleman" Hear Co rose from £L72m to £2,18m and net
interest increased from £346,000 to £763,000, partly . as a result of the investment of the '
rights issue monies in January-

THE THING HALL
USM INDEX
120.9 (+0.6)

Close of business 6/5/82
BASE DATE 10/11/80 100
TeL: 01*638 1591

Taxation for the half year has been provided at fail tax rates which, over a frill year, will
be subject to the effect of capital allowances and stock relief. ...

By 27 ft February 1982, we had opened a further 8 stores. -The' bad weather delayed our
opening programme in the first half, but we will have over 300 stores operating by the
end of this year. '■ - s

The directors have declared an interim dividend of 2,0p per share (1981: l.Sp) on the
ordinary share capital as incr eased, hyLha rights issue: payable on 1st July. 1982. to share-
holders on the register on 4th June 1982. . ....... ..

r

Financial Times Friday May. 7 1982

Conpantes and Markrts

UK COMPANY NEWS

' 'i
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Kwik Save up:
lifts interim

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A RISE of ZOiLper cent in pre-
tax profits was recorded byKwifc
Save Discount Group, super-
market operator, for the 36
weeks ended February 27, 1982.
The figure of XlQ.fiSm compares
with £s.S5m for the same period
in -the previous year and £l9.34m
Cor the full- year.

.. Half year sales were up from
£ 190.25m to £235,21 ra, a 23.6 per
com advance.

The interim dividend rises
from 1.6p -net to 2p on the en-
larged capital. Last year's, total
v- as 5p. Midway earnings per lOp
whare. adjusted for the rights
issue, are given as 7.35p (646p).

Tax look £5^ttm. against £4. 6m.
The directors point out that this
has been provided at full tax
rates, which over a full year will
he subject to capital allowances
and slock relief.

The directors say conces-
sionaire rentals, including the
Coleman Meat subsidiary, rose
from £ 1,72m to JE2.18m and net
interest increased from £346,000
.in £763,000, portly as a result of
Uie investment of the rights
issue monies ra Januarv.

Eight more stores had been
opened at February 27. 1982. The
had weather delayed the opening

programme in the first half but
the directors expect to have over
300 stores operating by the end
of the year.

• comment

Producing figures on the. day
after J. Sainsbury is not a task
every food retailer would relish,
but Kwik Save has acquitted
itself very well. The company's
decision to hold gross margins
steady during a period of rising
food price inflation has so far
paid off, with volume rising 7 per
cent in established stores on a
year on year basis. Net margins
have admittedly been trimmed
slightly and Kwik Save may not
be able to contain stock levels
so tightly in the second half, but
it has a full six months of rights
issue cash to play with and the.
Coleman Meat business, which '
roughly doubled its first half
contribution on a like for like
basis, is still growing strongly.
So full year of profits of £24m
look on the cards putting the
shares, down 4p at 240p yester-
day, on a prospective yield of
3.7 per cent and an acceptable
multiple of 15 times fully taxed
earnings-— applying average share
capital.

Platignum in red but
confident of recovery

ALTHOUGH second-half pre-tax
‘•osses at Platignum were halved,
from £425.807 to £21336. the
deficit for the . full year ended
January 31 1982 was higher at
£615, 554, compared with £443.991.
Third oarty sales totalled £7.75m
fnr the 12 months, against
£10.4 7m.

The directors of this writing
instruments manufacturer are
lauain -paying a nominal dividend
,-uf O.Olp per share to maintain
trustee status.

• Losses at halfway jumned to
■£402,268 (£1S.JS4) and although
these were expected to continue
■in the second six months, the
hoard said they would be at a
reduced rate.

Mr Christopher Andrews,
chairman, says that as a result of
;the recent rights issue, placing,
■and acquisition of R. P. Collier-
(Holdings), the group has a
strong base from which it will
be able to redouble efforts in
export marketing, particularly
in Africa and the Middle East.

He says that directors have

already embarked upon a major
design programme and the com-
pany is poised to expand its mar-
keting services division, by the
development of new areas of ser-
vice to customers.

Mr Andrew^ adds that
reorganisation plans are con-
tinuing at the Steven ace factory
to further improve efficiency and
manufacturing capacitv. He adds
that these plans “will mean a
very active year . . . and lead in
due course to a return to profit-
ability."

Group balance sheet as at
Januarv 31 1982 shows share-
holders' funds of £357m (£3.Sm»
aod net current assets of
£282,551 (£846.277), which in-
cluded a bank overdraft of
£1.02m (SS3U30). On a pro-
forma basis, amended to include
the rights, placing and acquisi-
tion, the respective figures are:
£4.74m. £l-2Bm. and £50.975.

In the P and L account there
was a tax credit-deferred
adjustment — of £383.456

(£352.936) reducing the loss to
£232,108, against £91,055.

Richards losses deepen

WITH INTERIM pre-tax losses -
rising by £101,000 to £252,000. on
Jnwer lufnover.-of £4.26m, against'
£5. 07m the directors of Rlchardv
textile manufacturer, state that
payment of a final dividend
depends not only on the 1982
result, but also on the prospects
for 1983.

The interim is being held at
0.3o net— last year a total of
1.45 p was paid from pretax
profits of £9,000 (£256,000).

Loss per lOp share for the six
months to March 31 was IJJp
i0.52p).

LADBROKE INDEX

Close 576-581 (+5)

There was a severe drop in
demand from ffrrtermnc onwards,
made worse by" the unexpected
failure of important furnishing
yarn customers who accounted
for more than 6 per cent of sales
in that: division. The company
is winning more sales by being
even more aggressive, bat this
takes time as the markets remain
very dejvessed, say the directors.

Both the modernisation of the
Broadfcrd works and .the re-
location programme are on
schedule and Garthdee will be
vacated as planned by the end
of the calendar year. In the
meantime, the company . has
retained professional advisers to
assist with planning the most
profitable utilisation of this site.

This time there were reloca-
tion expenses of £111,000 and a
tax credit of £110,000.

ACOA

LIMITED

Manufactures of .RIPOLZN paints and Britain’s leading
retailers of paint and wallpaper trading as

. i.v

I rafil BUSINESS CROUP RESULTS

[ ABfigarcsilrK'O'-.

j ^ Trading Profits rise 54% in satis fa ctory

YEAR.

YEAR

ENDING |

ENDING

26/0/81

27/E/80

OPERATING PROFIT

1,157

664

Net Bank Interest (Payable) Receivable

(45)

58.

TRADING PROFIT PRE-TAX

1,113

712

Surplus on Property Disposals

368

390

PROFITS BEFORE TAX-

1 SI

Taxation

(37)

03)

Extraordinaiyftem

310

PROFIT attributable to
MEMBERS

3540

1097

Refam on Sales %

5S%

18%

Return on Capital Employed %

44%

2R'o

Jao^I^*st}mrnanagemenccx>nscKtitimwhk^ acquired

dlC -w *

Rjpolirt Ltd. 1981 results above are of the same business including j
4 months under Ripolin ownership and 8 months under Jacoa j
ownership. I

HICHUGHTS FKOM THE a-IAIRMAN 5 JIAI^M

“Jlie54%iiK3easemti^gprofeisal^inte^

of 079,747 (© 80 : Nil) incurred to finance the management

^ ^sp yiate g} the petal cost stmctorefasfa^icfing^
to enable us to offer decorating pnxhifis at die most
competitive prices available anywhere?

*Next two years will be difficult with competition

ifltensifyingin response to

consumer spendingTOh one of highest returns on sales in

' survive

wac

ft>r copy ofReport and Accounts write to the

Secreta^^

Middlesex U82 5BT

Heal & Son
losses rise
to £0.9m

TIGHTER MARGINS, heavier
promotional expenditure ami
higher operating costs were
behind rising lusses at Ileal and
Son Holdings for The year to
January 31, 1982, say the

directors. The deficit increubed
from £767.000 Ui £919.900 on
turnover steady at £tl.9lm
against £11.27m. .

Despite disturbance to rhtw-
rooms — there was an excepr
tional debit thin- time of £225.900
for reorEJnif-aticn costs — a-vUk
at the Tottenham Cwiri Road
(London) shop increased bv 21
per cent.

There is a&un no dividend for
this retail furnisher, which last
made a payment irf 5p in 1977.
Losses per £1 share rose from
£6.08i> in £7.29p.

At the trading level, the cum-
pany losses increased io £491,000
(£373.000).

Tax was ihe same aqmn u
£1.000 and there was an extra-
ordinary credit this tune »f
£355,000 which was profit on Ihe
sale of properties.

FAIRCLOUGH

CONSTRUCTION

Sinec the turn of the year
Falrciough Construction Group,
the civil enginecrini; and build-
ing company, had rcceixcd sonit-
good orders and cunirac'.s had
been secured. Mr <Jswaid Hnvics.
die chairman, (old the annual
meeting.

He said things were looking
verj' heaJlhy for 19S2, adding:
“Your board is confident that
i*. will come to you next May
r.nd report further progress."

18 month loss
at MY Dart

Pritchard’s £6m gives
hope of another record

WITH THE group suffering
losses of £467,000 in the six
mouths u> December 31 1981
MY Hart, sporting and leisure
equipment, packaging concern,
finished the IS- month accounting
period to dial date, £235,000 in

the red pre-Uut. This is compared

with profits of £L23m for the
previous year.

After 12 months the directors
said that prospects for the re-
mainder of the period would be
affected by the substantial re-
organisation carried out during
the year, and since.

Mr Paul Marks, chairman, says
that current trading has begun
to show some signs of improve-
ment in most areas of operations,
"which we hope will benefit
further from economies and
rationalisation measures.'*

Thero is no further dividend,
in respect of the 18 months, so
(lie total is 2p net per share,
against 2.9p previously. The
directors propose a scrip issue
on a one-for-10 basis.

Turnover amounted to £36. 36m
( £20.S5m for year) and after lax
of £61,000 (£50,000 credit), loss
per share is given as 1.71p, com-
pared with earnings or T.fSp.

The chairman says that the
economic recessUon has made it
essential to restructure many of
the group's activities and to plan
the reduction or closure of some,
whereas others would be ex-
tended. He adds that costs have
led to the regrouping of opera-
lions at a smaller number of
locations, and that reorganisa-

tion and redundancies have
taken place.

After extraordinary items and
minority interests, attributable
loss came out at £113.000. against
a £l.lSm profir.

• comment

M Y Dart’s omission of the final
dividend is all the more under-
standable in' the lit’hr of a pre-
tax loss of a bout £900,000 for the
six months to December 1981.
Over the full 18- months under
review the only profitable divi-
sion was pyrotechnics, but even
here the company feels that
profits of about £200.000 are an
unsatisfactory' reward for an
expensive world-wide sales
drive. Two encouraging factors
are increasing volume and
margins from Dawes bicycles,
and a turnaround into profit-
ability from Marcosports due to
improved working practices.
Packaging was the biggest head-
ache of all, and M Y Dart even
felt compelled to close down its
Wiltshire paper mill in January
1981, only three months after
completing the mill’s modernisa-
tion programme. The Redditch
leisure centre, acquired in 1980.
is still not washing its face of
finance charges. Overall, gearing
has risen about 8 points since
the previous year-end to 32 per
cent. After ihe results the share
price fell 41 p to 23p, a six-year
low, and about a third of net
aset value. The dividend yield
over the past 12 months Is 6.2
per cent. The company is capi-
talised at just over £4m.

A 73 PER CENT increase from
£3.53m to a record £6.11m in
pre-tax profits is reported by
Pritchard Services Group for the
year to January 3, 19S2. Sales of
the group, which has interests in
bunding maintenance, industrial
and camp catering, securin’ ser-
vices and linen hire, soared from
£?5.?4m to £177.24m, and Mr
Peter Pritchard, the chairman,
says this increase is a reflection
of the organic growth and suc-
cessful acquisition programme
whieb have been major features
in. the past 12 'months. .

He adds: “ With this further
substantial increase, we have
more than' doubled our pre-tax
profits in only two years. Our
resilience during this period of
severe world-wide recession has
been due largely to the size and
diversity of the group in a
number of growth areas.

“ We anticipate another record
year in 1982, despite the likeli-
hood of a continuing difficult
economic environmenL”-

The total dividend is effec-
tively raised from 1.75p to 2.5p
on ihe basis of the capital recon-
struction after the year-end, with
a final of an adjusted 1.75p
(1.25p).

Tax for -the year -increased
from £1.46sn to £2.I5m, with the
oversea? and overseas associates
accounting for £ 1.36m (£830,000).
After minorities of £392,000
(£71,000). available profit was up
from £2m to £3.56m. Stated earn-
ings per new share improved
from 4.37p to 5.70p.

Mr Pritchard says building
maintenance continues to be the
group's major activity and

Pritchard is one. of the largest
UK contractors in this field. In
1V31. world-wide sales in this
sector amounted to £95m, result-
ing in operating profits of £3.9m.
Other, major activities ■ include
the fast-growing health core ser-
vices division, linen rental,
security and food, all of which
have performed well.

The £4.5m street cleansing con-
tract in the London Borough of
Wandsworth is an indication, he
says, of the direction: .the. indus-
trial services division is. taking
imhe immediate-future.

Securing with its joint venture
partners" the five-yehr £215m
refuse' ' collection' and" street
maintenance Jeddah contract, the
largest- ever awarded by a muni-
cipality anywhere, consolidates
Pritchard's Saudi Arabian asso-
ciate as the leading contractor

in this field in the Middle East.

On a CCA basis, pre-tax profits
were £5.5 lm and earnings per
new share, 4.43p.

• comment

Dawn raids have a way of con-
centrating the mind. Since

Michael Ashcroft took a bite of
Pritchard shares for breakfast in
the summer of ‘SO the company
has shot ahead. Coincidence
no doubt and anyway Ashcroft
sold out a year later. Neverthe-
less Pritchard has launched a
rights issue and made two big
acquisitions. The market
capitalisation is £73m against
under £9m two years ago. To-
day’s figures have been bolstered
by a first time contribution from
Crothal— worth £1.7m before
financing costs — and favourable
currency movements added
another £Jm. There have been
some sizeable reorganisation
costs struck above the line so
the underlying growth rate re-
mains reasonably strong, if un-
quoniified. Now National
Medical Consultants will come In
for a full year. Some heiTij

expansion costs will take the
c-dce off the interim results but
1982 should be good for £10m
pre-tax from sales of £300m. On
stated earnings per share the p/e
is 15£ and the yield 4 per cent
at 91p — not expensive given
this year's outlook.

Receivers for Finlas

Mr Richard - Turton and Mr
John Talbot, partners in Spicer
and Pegler. bave been appointed
receivers of Finlas Printing and
Publishing Group Limited, the
Leeds based group which
includes King's English Colour
Printers, T. and T. Gill, T. M.
Woodhead and Tapp and Toothill.

The group has been sustaining

heavy losses and ' asked its
bankers to appoint receivers;
they are at present continuing
to trade and are attempting to
find buyers for all or parts of
the business as going concerns.
'Hie group employs about 400
people, mainly in the Leeds area.
Turnover last year was about
£9m.

v. .

/ '/VWV

•'•"•V."' > •'

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. - • . - •> ; hr.

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: • : •"'t ‘ ; V;

v . ’

AmHIMHEW
FROM

dmsHsum?

SALES UP... PROFITS UP...
DIVIDEND OP. . .

NO. NOTN/NONEW.

Another record result

The unaudited results ior the first 26 weeks of 26 wedcs ended 26 weeks ended
the Company's financial yea rare as follows:— March 28 1982 March 29 1981

£ million £miilion

HISTORICAL COST BASIS

Turnover

279.0

259.6

Year ended
SepL 27 1981
£ million

488,2

Profit before taxation

31.0

18.1

51,0

Taxation

3.9

1.9

6.5

Profit after taxation

27.1

16.2

44.5

Dividends

9.0

4.5

15.0

Retained profit

18.1

11.7

29.5*

Earnings per share

45.2p

27.0p

74.3p

Fixed assets

329.8

249.4

298.8

Net current assets

38.8

47.4

53.3

368.6

296.8

352.1

Term loans

J44.3J

(46.2)

(45,9)

Represented by equity

324.3

250.6

306.2

Net assets per share

540.5p

41 7.7p

510.3p

CURRENTCOST BASIS

Profit before taxation

20.9

10.3

37.9 .

Net assets per share

759.7p

674.0p

716.0p

Earnings per share

28.3p

14.0p

52.4p

DIVIDENDS PER SHARE

Interim 1982f

Interim 1981

Total 1981

Inclusive of associated tax credit

21 .4p

10.7p

35.7p

Net of tax

15.0p

7.5p

25.0p

Statement by the Chairman, - ~- •

Sir Gerald Thoriey, T.D.

Results

Our interim results show a further strong
advance with profits having risen to £31 -
million, from £1 8 million for the same period
last year. Currentcost profits doubled. .

We are therefore proposing an interim
dividend of 1 5p per share net of the .
associated tax credit, compared with 7.5 p
last year.

Operations

Sales are ahead of last year and our
speciality sugars also increased their
penetration of the market. Despitethe most
adverse early winter conditions for many
years, we had another highly successful
campaign with substantial improvements in
efficiency and fuel-saving. Thanks to the
effortsof the farmers, hauliers and our .
factories, only about 1 % of the crop was lost,
and a total of 1 .093,000 tonnes of sugar was
produced (1 ,1 06,000 last year).

Prospects

The crop to be harvested this autumn
and hence influencing our results for the
1 982/83 financial year, was drilled in ideal
conditions - indeed the best
that have been experienced
for ten years.

Negotiations with the
National Farmers' Union for
the 1 982/83 crop were

successfully concluded and the institutional
price increase currently being discussed by
the EEC Council of Ministers would result in
an increase for sugar and sugar beet of
about 9% and would in. fact apply from
Julyl 1982.

On this basis and provided there are no
unforeseen events we expect that profits
before tax for the full year to September 26
1 982 will be about £60 million.
Consequently we expect to be able to
recommend dividends for the full year net of
the associated tax credit of not less than
35p per share, compared with 25p net last
.year. We expect that this level of dividend
will be wel I covered by current cost profits.
Ben'sford

The EEC Competition Directorate are
presently considering the anti-competitive
position of Berisford as a shareholder in
your Company. Nevertheless Berisford may
be free to make a further bid foryour
Company after Julyl 1982. The Board has
therefore felt shareholders should be aware
at this stage of its assessment of prospects
for the year ending September 26 1982
setoutinthe last section. Mr J. M. F. Padovan
who was originally appointed to the Board
atthe request of Berisford has not
been involved in this assessment of
' prospects.

May 6 1982

*rh!i:finin*isstdt&SbCtor&exuaoratnjrycnaniC50iL.iJ.t niwuniiKuoir

fib be paid on June 21 1982 to shareholders on the register At close ol business on May 2S 7932.

BRITISH SUGAR|

THE RECORD SPEAKS FOR ITSELF

pic

2S

Compaoiet and Markets

Financia}'_’Times' Friday May .7 382*

UK COMPANY NEWS

Lonrho buys
more Fraser

Lonrbo, headed by “Tiny’'
Rowland.. has bought a <parcei c*P
shares in House of Fraser in a
deal worth £424.500.

Lonrho revealed yesterday that
it had recently purchased 253,000
ordinary shares In Fraser at
150p per share, increasing its in-
terest by justO.1867 per cent. Us
total holding in the group, now
Stands at 29.9009 per cent.

Following an adverse Mono-
polies and Mergers Commission
ruling — which said that a bid
by Lonrho for Fraser was not in
the public interest — Lonrho
cannot take Us share stake over

30 per cent.

Under the rules of the take-
over panel that would trigger a
bid.

Lonrho director. Mr Paul
Spicer, said that the group had
bought the extra Fraser shares
‘'because. we are entitled to."
and heenuse *' the price is com-
ing down — a lot of shares are on
offer."

Lonrho, be said, had been in
“ almost continuous discussion
with the Office of Fair Trading
about the Fraser situation since
the Monopolies Commission
report was published last
December.

Lonrho is seeking to meet the
objections of the report so that
it can bo allowed to bid again
for Fraser.

Fraser shares yesterday rose
2p to 150p.

RECEIVER SELLS

T & S LIDDELL

Mr Fred Strachan of chartered
accountants Peat, Marwick,
M-itchell and Company, Glasgow,
receiver of the Milngavie motor
business of T. and 5. LifMetl.
bas sold rhe business tn Taggarts
(Motor Holdings).

Seventeen of the 36 employees
have been re-engaged by the
purchaser.

Cavendish Life change

The Gibraltar-based Cavendish
Life Assurance is being acquired
from its. present owner Oxford
Marketinc and Trading .Corpora-
tion of Nassau. Bahamas hy a
group of substantial clients of
the U.S. attornies Messrs Ruffa
and Hanover of New York.

Final acquisition documents
are ‘being processed through the
various regulatory authorities
and agencies and a more detailed
statement of rhe acquisition can
bn expected shortly. There are-
no details of the price being
paid for the acquisition.

However, the new owners have

FEEDEX TO BUY

Fcedcx Agricultural Industries
has agreed to buy from Mr F.
and Mrs M. J. Whaler the assets
of their partnership for £124.523.
plus stock at valuation, estimated
at £50.000 and honk debts at
April 30, 1932, estimated at
£35.000.

Consideration is to br paid
with the is'uo of 55.230 Fcedcx
ordinary shares t £29.995) and
the balance in cash.

Whaler makes and inslals
ventilation equipment for the
agricultural industry.

In the year to April 5, 1951.
Whaler made a pre-tax profit
of £50,344 on turnover of
£220,269.

The assets are to be trans-
ferred tn F. Whaler, which will
he a wholly-owned subsidiary of
Feedex.

REED STENHOUSE

Reed Stenhouse has completed
its acquisition of Schiff Terhune
International, New York. Pur-
chase price was approximately
S15m f£S.31ra ), consisting of
cash and 276.410 Peed Stenhouse
class A common shares issued
from the Treasury. Stenhouse
Holdings’ interest in the
enlarged Reed Stenhouse equity
capital is now 52.R5 per cent.

announced their intention to
strengthen the company by
incrcasino the paid up capital
from. £250,000 to USfJlOm. This
will provide added financial pro-
tection to present policyholders
and facilitate future expansion.

The company as present only
markets its products in the UK,
through a subsidiary marketing
company and has just one con-
tract — a five year energy bond.
The intention is to expand both
the product range and the
countries in which those pro-
ducts are sold.

TADDALE PROPS.

Taddale Properties is to
acquire Brook Holdings, a private
company with a property port-
folio of offices and shops in
suburban London. Taddle has a
share issue worth 80 per cent of
the net tangible asset value of
Brook's, which is about £8m.

The acquisition has to be
approved by an extraordinary
meeting of Taddle shareholders
and is expected to be completed
in early -Tune. Taddale has a
property portfolio worth about
£llm

The company says the Brook
acquisition fits in well with its
operations as Brook's assets are
also in the suburban London
area. The enlarged company will
have an annual rental Income of
ahout £1.5m and property assets
of about E19m.

Taddle Iso intends to issue
shortly a low coupon convertible
loan stock worth between £5m
and £6m

NORTHERN FOODS

Northern Foods* acquisition of
Keystone Foods Corp was com-
pleted on May 5.

Northern's 369ra offer has
been approved by shareholders
of Keystone and the l ram. action
has also been approved by the

BIDS AND DEALS

Scottish Ceylon
acquires U.S.
vineyard

Scottish Ceylon Tea has finally
completed the transfer nf its
■plantation assets from Sri Lanka
to California, where it has
acquired for £800,000 the San
Ysidoro Vineyard in Santa Clara
County.

The consideration is partly
financed from the compensation
received some years ago after
the nationalisation or its. tea
estates in Sri Lanka, and from

the two-fnr-one rights issue last
rear which raised almost
£800,000.

Consumption of Californian
wines is said tn he rising fast,
although only about 2 per cent
of production is exported, and
demand is expected to outstrip
supply sometime in the middle
of the current decade.

Scottish Ceylon therefore
intends to replant a substantial
proportion of the total acreage.

The property consists of 160
acres of malure vineyard, much
of which was planted about 15
years agn and three-quarters of
the crop is made up of premium
varieties such as Pinot Char-
donnay and Cabernet Sauviguon.

The group is paying £440,000
on completion and will settle
the balance not later than May
15,. 1985. The contract provides
for 90 tillable acres to be re-
planted with premium varieties
in 1953 at an initial cost of
about £190,000 rising to a total
development enst of some
£255.000. The remaining 55 acres
comprise pasture land.

At current costs, yields and
prices, the mature acreage 1 is
producing net operating income
of £93,000 annually which would
rise to £192.000 on full maturity.

Scottish Ceylon is also close
to a deal to acquire jojoba acre-
age, whose fruit p reduces an
oil identical to that derived
from sperm whales. Chairman
Mr David Pinsent, formerly of
Eastern Prnduce. expects Scot-
tish Ceylon to be fully invested
when that deal is completed and
proposes to apply to transfer the
quote from the Rule 163 (2)
facility to the Unlisted Securi-
ties market.

LAURENCE GOULD

Laurence Gould and CtL agri-
cultural consultant has agreed
with Coppee-Courtoy, a Belgian
engineering and industrial
group, to buy its Asrer
subsidiary for BFr24m
(£300,000)

Laurence Goulds assets are
valued at BFr 31m. Mr Laurence
Gould, chairman, said Agrer's
annual turnover was expected to
be £lm. The benefits would
begin to appear in company
profits in 1983.

The acquisition would enable
Laurence Gould to penetrate
markets in Africa, Asia and the
West Indies, he said.

It would also provide a base
close to the European Com-
mission in Brussels, a source
nf substantial international
funding, and let thp company
compete more effectively with
big U.S. groups and French
slate-aided organisations.

GUS

Great Universal Stores’ £3Sm
bid for Empire Stores (Brad-
ford) will reach its first closing
date on May 27 and It Is expected
that the Office of Fair Trading
will have decided by that dale
whether or not to refer the. deal
to the Monopolies Commission.

The bid is. conditional on an
indication from the OFT that it
will not be referred. GUS owre,
or has shares irrevocably
assented to it, amounting to
39.4 per cent nf Empire’s equity.

Explaining ’• thp board’s
acceptance of the GUS share and
cash terms. Empire chairman. Mr
John Gratwick, tells shareholders
in a foreword to the formal offer
document, that the group's
position is "affected by changes
taking placr throughout the retail
sector, including mall order,
which require significant invest-
ment in advanced technology
and a strong cash flow, which is
only within the means of the
stronger concerns in the
industry.”

. “ By merging with GUS and
using GUS' strong financial base,
together with its techniques in
cost control and office and other
systems, Empire will he able to
support the investment costs
involved in developing new

advanced technology and thereby
secure its johg lenrr future."

As known. Empire’s pre-tax

profits for the sear to January
30 fell from £5.Sra to £2.4m. The
accounts published in conjunc-
tion with the offer document
show that Enurin' incurred a net
cash outflow of £1.35ru during the
year.

Compensation is to be paid to
the two retirinz members oF the
Fattorini family, descendants of
the group’s founders, who will
receive “an appcoxininle lump
sura commutation payment of
£15.000 each" / follnvird by
pensions starting at annuel rates
■Of about £L730 - and £3.960
respectively and'inr’TPnsing. there-
after on an Index-linked basis.

TAJVKS CONS.

The recommended cash offer
On bphalf of Sorietn Generale
Holdings SA, a ' subsidiary of
Societe Generale* de Belgique
SA, for alt lhe 9 per cent cumu-
lative redeemable preference
shares nf Tanks - Consolidated
Investments has been accepted
in respect nf 1 ,258.870 shares,
54.8 per cent. The offer has been
extended until May 14, and
remains conditional on accept-
ances being received in respect
of not less' than 90 per cent

THE trends' of 'falling volume
and severe competition seen at
Tamer and New all in the last
two months of 1981. continued
through the first two months of
I9S2 and were aggravated by
Arctic weather . conditions, Mr
Stephen Gibbs, the chairman,
tokJ the annual meeting. : _ .

He added:-" Although business
has picked up slightly since* early
! Tarek, with somewhat firmer
prices, the first quarter’s trading
was not good enough, although
there were some very marked
improvements at Hunt* and ..im-
provements elsewhere”

He said there were still a few
businesses In the company's
portfolio which, it was dear,
were unlikely to provide an
adequate return to shareholders
within an acceptable period, not-
withstanding on-going -action to
reduce costs.

“The only remedy ", lie said,
“is in partial or total . disposal
nr closure of these activities. I
do not want to say anything
which could put in jeopardy any
negotiations - which may be . in
train. Announcements wiH be
made when it is possible to do
so. without prejudice to those
negotiations".

He said he would not make a
forecast; but “our core businesses
are improving steadily, -albeit
slowly, and I am confident that

we are ott the right road**:-', j- than in the same period last year.
Points from*, other aimuaJ. registrations 5# new .Volvo .car*

meetings taeluded: . .

' Mr J. S. Canmjr chairman of
DBG said there' had been ' no
real evidence of .any change for .

.the , better iir jthe highly com-
petitive fflyironmeHt; -which its
UK . * hosm 65X95^2 operated. '
Although the current level of
activity -was better than., that :
experienced in the comparable
period of 198L -the first half was
normally quieter than, the second
because of seasonal influences.

He said the group’s engineer-'
ing and trading businesses were
continuing the improvement in
earnings achieved last year and

elsewfiqre he Saw benefits flowing
through to the bottom line as a .
result. rf economies and * re-
organisation. '

Expenditure on acquisitions in
the UK anA.U.S.. and the normal
increase in stocks in anticipation
of the' higher second, half sales
volumes, would cause -a cash out-
flow m the first* si*.- months, fcfat .
the* board * would continue ' to
exercise tight cash management*
as a priority..- • _■

Lex Serfiep ’Group chairman,
Mr Trevor. Chinm . said ' Volvo
. Concessionaires * continued to
achieve excellent result*. While
total registrations of new pas-
senger cars in the UK in the
first , four months of 1982 were

estimated to be marginally lower he said.

were 23 per cent higher, which
represented a 3.3- per «nt share
of. the market against 2.7 per
cent, previously- .

He -said results, .for the; first
four, "months: w.£re subMantndly
ahead: "of '.OrtLsant* penqa .iast
year, and -that ercuuraged him
to 1 expect sigmfitsmUy higher

firm half profits.

Str Trevor Hold worth, chair-
man of Gnest Keen and Nettle-
folds, said he was unable to
report sufficient clear Indications
.tot. alter what he said in. the
annual . report, namely that
'economic and market treads did
Dot provide a firm base on which
fo build ah optimistic forecast
for 1982.; He said, however. Mm*
in -regard to' the group's overall
financial perforins nee, it was con-
tinuing to -maintain the level
achieved in the second half of
last year. *.. ■

Mr'John MSekay. chairman of
Hugh Mackay. carpet maker,
warned against euphoria over the
- t rim ro und- into profit in -1981.
He said trading profit was less
than 3 per cent of turnover—
“not Large by . any yardstick."
Competition was hard and mar-
gins fine. -

Trimming operational rests had
offset the lower levels of order,

W. Williams expands

IV. Williams and Sons Hold-
ings, the South Wales die cast-
ing and foundry group, is to
buy 80 per cent of the capital
of Allisons of Focklington and
Allisons Garages for £1.

The Allisons Group activities
cover BMW motor dealerships in
Hull and Doncaster, .concrete
building products manufactur-
ing. distribution nf Harsh rigid
lift tipping gear and heavy
haulage and motor agencies In
Yorkshire. The book value of
the croup for the year ended
1950 was £1.095.359 and pre-tax
losses nf £383.520.' Turnover was'
more than £6m.

Williams is keen to diversify
its activities away from Foundry
work although it intends to
remain in the sector. The com-

pany is keen on developing the
Harsh rigid lift tipping gear busi-
ness at Allisons which has a
licence for distributing the pro-
duct in the EEC from the U.S.
The company also intends to
dispose of property belonging
to Allisons.

C. Jhrice and Son. a private
property holding and engineer-
ing company.-v/hich owns 51 per
cent (if Williams and Sons
bought property from Allisons
for £474,000. The cash was used
to improve Allisnns’ liquidity .

The agreement is conditional
upon the., approval of shrve-
botders of Williams including
the Welsh Development Agency
which owns 28.26 per cent of the
company. Williams has entered
Into put and call options with
minority - shareholders of
Allisons .

SHARE STAKES

Trust Securities Holdings —
Trior to April 29, Ensis disposed
of 50.000 ordinary shares, it con-
tinues to be interested in shares
representing 16.9 per cent.

New Australia Investment
Trust — Bank of Scotland 1976
Pension Scheme has acquired .a
further 75.000 ordinary shares,
making imprest 12 per cent.

General Investment Trust —
Equitable Life Insurance Society
has acquired 825.000 ordinary
shares (5.36 per cent).

GM Firth (Holdings) — 1. H.
Wasserman is thp beneficial
owner of 61 9,4550 ordinary shares
(20.73 per cent nr the enlarged
issued share capital).

Rush and Tompkins — Coign y

This announcement appears as a matter of record only

ZAMBIA CONSOLIDATED COPPER MINES LIMITED

US $250,000,000 equivalent

Facilities for the Tailings Leach Stage 3 Project, Chlngola, Zambia

Commonwealth Development Corporation

Eurocurrency facility guaranteed by
Overseas Private Investment Corporation

European Investment Bank

Export Credit Facility guaranteed by
Export Credits Guarantee Department

International Finance Corporation

Syndicated Eurocurrency Loan .

Zambian Syndicated Loan

£15,000,000

US $30,000,000
Ecus 25,000,000

£34,000,000
DM 70,000,000
US $25,000,000
Kwacha 40,000,000

The above facilities were arranged in conjunction with the undersigned which
acted as adviser to Zambia Consolidated Copper Mines Limited

STANDARD CHARTERED BANK GROUP

April 1982

Holdings is the registered balder
of 720.000 shares, 6.55 per cent
of the group's issued share
capital.

Pentns — West pool I nvestment
This has sold 5.050,000 ordinary
and 1,161,111 deferred ordinary,
its -entire sharcholdins . in . the
company. " Cmnpactwisc . has
acquired the above share*.

Electronic Rentals— Mr Black,
a director, has purchased 50,000
ordinary shares.

United G. A. Frazer

and Sir Hector Laing have
decreased l.heir holding by selling
20,000 ordinary, from various

i rusts.

Marks and Spencer — Simon
.Trim Sjcher, a director, notifies
sales nr 50.O0n ordinary in which
he had a beneficial interest.
Michael Moses Sacher. vire-chair-
man and joint nunyging director,
notifies sales of 100,000 ordinary
in which he had a beneficial
interest. Michael Mosps Sacher
and David Reuben Susman. vice-
chairman and joint managing
director and director, respec-
tively, notify disposal of 10,000
ordinary in which they held an
interest as trustees. Michael
Moses Sacher and Simon John
Sarher, vice-chairman and joint
managins director and di rector
respectively, have disposed nf
gS.OOf) ordinary shares in which
they held an interest as Irustees.
ixird Sieff uf Brimplon, chairman
and joint manacing director,
notifies sale of 15.000 ordinary in
which he had . a beneficial
imprest

Profit before taxation ~

Profit after taxation (note 1)

Profit attributable to ordinary
• shareholders (note 2)

Earnings per 25p ordinary share
Dividend per 25p ordinary share

ft tnnirffat

* ended

• 3L&82

* £43. lm
£39.5m

£59.9m.

253P

2 .8p

6 months IZmonths
ended' ended
31.3.81 30.9.81

£43.3m £107.9m

£25.3m £6X.0m

£25.8m £Z3.3m

11.2p 41.9p

2.4p . ... 5.4p

Notes

1. hnaiiMtwiI awtaVrewdln gwmtnw-cflw

ctuog« for taxation has been reduced by £10 Sin. {5 months coded 31 Mccch 198l-E3.ini, 12 raandw ended 30 SejEombBr -

lam-BCfeift -Win ,-hj.y hrr rtu. r-nmnrt poy<~< h™ .trr. ~<wrwj Hy a trrmAo nt tCfa, iw rijpmX '

aHownncwielwred against profits oLthe poor ywe >

".SL Altar ui chiA n g an qreepaonal credit itmn ot£!7£tn lor the Gioup'snhgcafapmtrBlaasa of prorisioafai' deforced tantioa, no
Iongwr considered tn be required by an anxtaisd company. .... -

_■ • An exceptional creda Uem of ££j"3tc w«n included m ilia 52 inonlhs ond>jd30 September 1961 inrespect el defanod runnnnno
longer considered u benqoued by the Group.' "■ ••*•' ' f_. •Ij,

Extract from Interim Statement bythe Chairman, Sir Michael Hemes

The unaudited profit before taxation, on an historical cost baas, amounted to
£43.1 milliaii for the six months ended 31 March 1982. This compares with a profit
of £43.3 million for the corresponding period in file previous year which has been
restated for the change in accounting for leasing as explained in the 1981 annual
report. After adjusting for tlie effect of inflation the profit before taxation on a
current cost baas was £25. 1 million and, for the corresponding period last yeaz,
£27.2 million.

During the six months ended 31 March 1982 the Group has benefited from
increased volumes and, whilst average base rate increased slightly from 14.4% to
14.5%, this has been more than ofiset by the narrowing of interest margins andthe
trend away from current accounts to inter ea bearing deposits: This trend shows
every agn of continuing within the current half year Commission and fee income'
has shown an encouraging increase but the provision for bad and doubtful debts
has increased by £5.3 million over the corresponding period last year thus
reflecting the continuing difficult trading conditions in the economy generally. -
Despite tight control operating costs have continued to rise particularly public
sector costs. The share of profits from associated companies has increased by
almost a third.

The Royal Bank of ^ Williams & Glyris
Scotland pic JfciC Bank pic

This appears as a matter cjfrecml only. February, 1982

National Iron Ore Company, Limited
Monrovia, Liberia
U.S. $15,000,000

Term Loan Facility

Managedby.

BankAmerica international (New York Branch)

Provided by:

BankAmerica International (New York Branch)

Lloyds Bank International Limited (Pittsburgh Branch)
Banque Internationale pourPAfrique Occidental
Pittsburgh National Bank

Insured by:

AIG Political Risk, Inc., a member company of the American International Group

Agent

BankAmerica international

(New York Branch)

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1

30

Financial Times Friday May 7 1982

TIGER OATS AND NATIONAL
MILLING COMPANY, LIMITED

(Incorporated tit the Republic of South Africa)

STATEMENT OF RESULTS AND ANNOUNCEMENT OF PROPOSED •
DIVIDEND DECLARATIONS

The unaudited results of the group for toe fourteen' months ended 28th February,
19S2 are as follows:— Year

14 months ended ended

28.2.82 31.1250

•Actual Annualised . -Increase (Audited) ,

Turnover

Net income, before taxation
Taxation

Net income, after taxation

Net income, attributable to outside
shareholders in subsidiaries

Dividends on preference shares

R000

R0Q0 •

%

R000

1633 694

1399 452 '

19.1

1.175077:

106119

90959

24.6

72990 •

36 657

- 31420

22.3

25681

69462

59539

25.9

47.309- *

9957

8535

7281

59 505

51004

27:4

40028

6098

5 227

3421

53407

45 777

25.0

36607

11 519 342
463.6
119

11 519 342
397.4
102

22.7

42

42

35 1

17

_

_

60

60

48

Net income attributable to Ordinary
shareholders

Average number of ordinary shares

in issue

Earnings — cents per share

Dividends — cents per share

First interim

Proposed second interim

Proposed final -

NOTES: ' '

1. The above earnings for the fourteen, months ended 28th February, 1982, have 1 been
annualised to give shareholders a basis for comparison.

2_ The above figures do not include the operations of associated companies In 'which at
least 30 per cent of the equity share capital was held, except for dividends . received
during the period under review. If the retained income, on an annualised basis. fot'
the respective financial years of these associated companies were taken into account,
the above group earnings would amount to 481 cents per ordinary share (19S0: 392
cents).

3. The annualised group turnover for the period ended 28th February, 1982 represents
an Increase of 19.1 per cent over 1980 and excludes turnover of associated companies
amounting to approximately R1 621 QGQQQQ (1980: RX 167 000 0001-

4. The proposed second interim dividend No. 74 of 17 cents per share, referred ta below,
is Intended to compensate shareholders for the change in the company's financial
year-end. But for such change, the total dividend .distribution would have been
102 cents per share.

5. Commitments for capital expenditure at 28th February, . 1082 amounted to
approximately R35 000 000 which will be financed from the group’s resources.

6. During the period under review the group acquired:

6.1 Additional shares in the Imperial Cold Storage and Supply Company Limited,
increasing its holding in that company to 20.5 per cent
62? Additional shares in Metro Corporation Limited, thereby maintaining the group's
equity stake in that company at 30 per cent
623 A 50 per cent interest in the Leisurcor Industrial Holdings group of companies,
leading manufacturers of camping and other outdoor equipment

7. Since the end of the financial period the group disposed of the Silvers tre am
Mushroom Products group of companies.

S. Although general economic conditions are expected to become more difficult in the
absence of unforeseen circumstances the group anticipates reasonable growth during
the six months commencing 1st March, 1982.

By order of the Board,

! Director,
D. O. Beckingbam J

PROPOSED DECLARATION OF SECOND INTERIM DIVIDEND NO. 74,

AND FINAL DIVIDEND NO. 78

Notice is hereby given of your Board's intention to declare a second interim
dividend No. 74 of 17 (seventeen) cents per share, and a final dividend No. 75 of 60 (sixty)
cents per share, in respect of the fourteen months ended 28th February, 1982. However,
insofar as the record and payment dates of the proposed said two dividends need to be
co-ordinated with the salient dates of the proposals announced on the 2nd April, 1982,
by Barlow Rand Limited, C. G. Smith Limited and The South African Mutual Life
Assurance Society, it has been decided to defer the actual date of declaration of the said
two dividends. Such deferral should not. however, have any material effect on the date of
payment of the dividends, which it Is expected will be about the sane tkne as otherwise
would have been the case, that is daring the month off July, 1982.

By order of the Board.

B. P. Steele,
Secretary.

Registered Office:
15th Floor.

Wesbank House,

222 Smit Street,
Johannesburg 2001

London Office:

40 Holborn Viaduct,
London EC1P 1AJ.
5th May, 19S2.

Transfer Secretaries:
Consolidated Share Registrars Limited.

“ Libertas,"
62 Marshall Street,
Johannesburg 2001
and

Charter Consolidated PL.C.,
P.O. Box 102, Charter House,
Park Street, Ashford,
Kent TN24 8EQ.

Gofflpaaies and Markets

UK COMPANY NEWS

Moss Eng. man’s
losses at

PROVISION OF £916,714 for,
losses on overseas contracts con-
tributed to the Moss Engineering
Group incurring -pre-tax 'losses
df \£1.35m in the six months to
February 28. 1982. In the corres-
ponding period last year the
group • reported profits of
£253,127. This, the directors say,
is the group's first loss in the
opening half since well before
the War. No interim dividend is
being paid against 2.1p last time
and a final of 3.S5p net.

Turnover fell from £9.0?m to
£7.27ra, with home trade figures
static at £5.S7ra. Direct exports
were well down at . £782,335 .
against £2.33m. Inter-group sales
were lower at £620.383 (£864.011).
Trading profits were £130.048
comoared with -£781.257. Depre-
ciation took £114.263 (£122,245)
and interest’ charges were up
from £406,581 to £454.463.. In
view of the losses, the board does
not anticipate any tax liability.

'Mr Ernest Cars, the chairman,
says the major source erf the
group's difficulty lies In the
environmental division, and two
unforeseen problems developed
daring the period.

The transfer to Accrington of
part of the division's manufac-
turing capability resulted in
greater technical and administra-
tive problems than expected. The
resultant loss of output has been
in excess of £lm and. was made
worse by additional labour and
material eosts In- re-working. The
boar'J, estimate", this rewerkisj'
to have cost in the region of
£200,000. There should be no
recurrence of this ‘ problem, it
says.

The other problem arose In the
Middle East where the group irtd
to continue to keep for a much,
longer period than it' had
(budgeted, a considerably larger

skilled and unskilled labour
force, with back-up services.

Some of these costs may be
recoverable, hitt ! the' directors
feel it prudent ..to charge the
whole known present and future
costs to this "period.

The other, divisions worked in
flat trading -conditions and their
results were, under the circum-
stances,. “ reasonable-*’ Sales are
expected to recover during the
second half to levels similar to
those of 1881. It is likely, say the
directors, that a second-half loss
will be incurred, albeit at a level
less than the first half.

The order hook is now nearly
20 per cent stronger than a year
ago and the directors look
forward to 1983 with confidence.

• comment

Moss is very much on the
penitence , stool after its
disastrous midyear figures. The
trouble arising:. from the. move
to Accrington should have been
avoidable but the setback in the
Middle East stresses the risks
inherent in any overseas con-
tracts. Underneath the gloom
there is some good news. Order
books are higher with much of
the growth coming from the more
dependable home market, and
the group's other specialist
engineering activities are holding
up well. While the' provisions are
expected to be more than
adequate the ' environmental-
division has still to be put on
an even keel so the current pick
up in demand cannot yet be fully
exploited. The shares yesterday
slipped only lp to 98p indicating
that the market believes the
company has learnt its lesson —
or could Biwater lurking in the
wings have something to do with
it?

Francis Shaw improves

THE IMPROVING trend at
Francis Shaw and Company since
the depressed first quarter
enabled this manufacturer off
machinery for -the rubber, cable
and plastic industries to margin-
ally reduce its pre-tax losses for
1981 from £107,000 to £98.000,
with a rt modest" profit being
made in the final three months.

2 Furthermore, the directors say
that the order intake for the
first quarter of the current year
has been maintained at an
improved leevl and that the
number of enquiries and projects
under negotiation is greater than
in recent years.

It is therefore expected that
the group should continue to
operate profitably over . the
remainder of 1982.

The directors are proposing to
proceed with several of the
important development projects
held hack during the group’s
contraction period and point out
that the successful completion
of these will benefit the group
in 1983 and in later years.

After two years of major
reorganisation and contraction
the directors are confident that
profltabilly has been restored
and that the group is well placed
to take advantage of future
prospects as conditions improve.

Sales for 1981 slipped to £7.91m
(£11.03m) but trading profits
came through higher at £332,000,
against £169,000.

The pre-tax deficit was after
interest charges of £430.000
( £589,000) — tile previous year's
loss Included an exceptional
credit of £309,000.

Tax took £9.000 (£40,000).

Below the line in 1980 there
were minority credits of £20,000
and extraordinary debits of
£496,000.

There is again no ordinary
dividend — the last was a net
1.317p for 1979.

TRUST SECURITIES

Trust Securities has re-
organised its share capital
following the approval of share-
holders at an EGM on April 29.

Each existing 40p share has
ben sab-divided into four shares
of lOp each. The existing non-
participating convertible shares
have been redesigaated as
deferred convertible ordinary
shares although their existing
rights remain unaffected.

The issued share capital now
consists of 6.65m ordinary shares
of lOp each (£665,000) and
19.95m deferred convertible
ordinary shares of lOp each
(£2m).

Permission has been granted
for dealings in the deferred con-
vertible ordinar yshares on the
USM. Dealings started on Tues-
day May A

WATERFORD

Glass

Profits up by 29% reports Chairman Patrick W. McGrath

I am particularly pleased to report a
return to profit growth. The Group
pre-tax profit for the year amounted
to over IR£10 million as compared to
some IR£3 million in 1980. There
was a general improvement in pre-
tax profits in all sectors of the Group
notably in the retail division. This
achievement against a background of
continuing recession and high
inflation is encouraging but
continued effort is necessary to
mainrain the pressure to overcome
the current recessionary trends.
Group properties have been revalued
resulting in a surplus of IR£20
million.

For the purpose of clearer identifi-
cation and in order to avoid
confusion between the holding
company and the manufacturing
units, ir is proposed to change the
name of the company to Waterford
Glass Group Limited.

Waterford Crystal

The lighnngware factory came into
full production during 1981 and we

have been successful in introducing a
large range of new products par-
ticular ly t o the US market. In all,
80% ofWaterford crystal is exported.
Overall, the crystal division," both
manufacturing and distribution,
achieved its budgeted results.
Although high interest rates pre-
vailed for much of 1981, the US
subsidiary turned in an improved
performance over the previous year.
The UK market remains depressed
but it is hoped that the ending of the
recession will be more evident in
1982.

Aynsley China

2n spite of the sluggish business
climate in the UK, Aynsley has
continued to produce at full capacity,
embarking on aggressive marketing

and production diversification
measures.

Switzer Group

Profits for 1980 were virtually
eliminated fbllowinga policy of stock
rationalisation. These measures were

Financial Highlights

TURNOVER

PROFIT BEFORE TAXATION
EARNINGS PER SHARE

ORDINARY DIVIDEND
PER SHARE (NET)

TOTAL SHAREHOLDERS’ FUNDS

1981

1980

%

Htf

IRC

190,248,000

154,091,000

+23.5

10,359,000

8,051,000

+28.7

4.10p

2.99p

+37.1

L5Up

1-511P

80,443,000

53,953,000

+49.1

more than justified in 1981 with the
Group’s recovery to pre-1980 levels.

The Smith Group

Daring 1981, it more than held its
place in the marker with 9% of new

car re gis trations and is anriri paring ;

an improved share during 1982.

Outlook

It is not possible to predict the out-
come for the coming year with any
degree of accuracy. The degree of
success will depend on the level of
recession in the various, activities. If
we are to be successful in maintaining
adequate margins we must record
further improvements in sales and
profits. Our anticipation must be
tempered with caution pending
further improvement in the trading
climates at home and abroad.

Copies of the Report and Accounts
can be obtained from:

The Secretary,

Waterford Glass Limited,

Kilbarry, Waterford,

Ireland. .t

Royal Bank midterm standstill

f

UNCHANGED at £43m, on a
corresponding period adjusted
for a change in leasing account-
ini, pre-tax 'profits of Royal
Bank of Scotland Group for the
six months to March 31, 1982
saw the benefits of increased
volume offset by a narrowing of
interest margins and a trend
away from /current accounts to
interest bearing deposits.

Commission and - fee income
showed an. encouraging increase,
says Mr Michael Herries. chair-
man. However, the bad and
doubtful debt provision in-
creased by JESRm to £14. 2m
reflecting the continued difficult
trading conditions in the
economy generally. In addition,

despite tight control, operating
costs, continued to rise, particu-
larly public utility costs.

After . the debt provision!,
which broke down as to specific
£L2.6m (£7,5m) and general

£L6m (£1.4m), operating profits
rose by £lm to 45.4m. To these
associates added £Sm <£6.1m)
and -interest on subordinated
loans took £10.3m (£7Rm).

With the tax charge much
reduced from £18m to £3.6m, net
profits jumped from £25J3m to
£39 Rol There was also an excep-
tional credit this time of £17.6m,
being the group’s share of a
part release of deferred tax pro-
vision by the associated Lloyds
and Scottish on leasing assets.

Before this, earnings per 25p
share are shown. to have risen
from.lL2p to I7.5p,.and after it
they amounted to 25-3p. The net
interim dividend is lifted from
2.4p to 2iip. Last year’s total
payment was 5.4p on profits of
£107.9m.

Extraordinary credits for the
sir months totalled £2.9ra
(£0.6m) and. with dividends
absorbing £6.3m (£5.4m), the re-
ta tined balance finished well
ahead from £20.4m to £53.6m. •

On a GCA basis, taxable profit
for the period declined from
£27 . 2 m to £2S.lm.

See Lex »

Transvaal Consolidated
Land and Exploration
Company, Limited

(Incorporated in the Republic of South Africa) _

A member of the Barlow Rand. Group

INTERIM REPORT FOR THE HALF-YEAR ENDED 31ST MARCH, 1982

The unaudited consolidated results of Transvaal Consolidated Land and Exploration
Company Limited {“ TCL ") and its subsidiaries for the half-year ended 31st March,
1982 together with those for the comparable period last year and the audited results for

Turnover

Notes
1

Consolidated operating profit

Profit/ (Loss) on sale of shares less

amounts written off

Income from investments

Less: Exploration expenditure

Total consolidated profit before

taxation ...

Taxation 2

Normal .
Deferred

Consolidated profit after taxation

Less: Profits attributable to outside
shareholders in subsidiary companies

Interest of members of TCL

Half-year
ended
31st March
1982
(ROWs)
209961

Half-year.

ended
31st March
1981
(ROOO’s)

' 160 553

Year
ended
30th Sept
1981
(ROOO's)
379 9S0

.58432

37 35S

97 593

(93)

124

1 482

8236

12702

21381

66575

50 184

120456

3 052

2114

6853

63523

48 070

-•

113 603

28058

15 966

39 859

8972

1573

2 929

19086

-

14 393

36 930

35 465

32104

73 744

8918

5 70S

13 776

26547

26396

-

69 968

8630 756

7504 838

8 629805

308c

361c

785c*

75c

-75c

260c

Shares in issue

Earnings per share

Dividends per share

•Based on weighted average number of shares in issue.

The increase in the effective rate of taxation announced in the March, 1982 budget has
adversely affected the group's profits for the six months under, review as follows:

(ROWS)

Nonnal taxation _ - 814

Deferred taxation 1 787

Less: Attributable to outside shareholders

2601.

608

1933

The effect was to reduce earnings per sham by 22 cents.per share. .".

Notes

L Turnover is the revenue derived by subsidiary companies from rents, township
sales and sales of gold, coal, base minerals and timber. . •

2. Deferred Taxation

Following the increase in the effective rate .of taxation announced in the March,
1982 budget, an additional deferred taxation liability of RIO 095 000 arises in respect
of prior years. The charge attributable to shareholders of TCL am o ants to RT 7SS OQO
after allowing for the outside shareholders’ share of R2 307 000.

Statements of Generally Accepted Accounting Practice 1002 and 1003 require that
this amount be charged against current year’s earnings. However your directors are
of the opinion that this treatment would not fairly present the results for the six
months to 31st March, 1982 and this amount has accordingly been charged against
retained surplus at 30th September, 1981.

Interim dividend

An interim dividend of 75 cents (1981 75 cents) per shore has been declared in terms
of the dividend notice set out below.

Profit prospects

The profits from the group's coal interests have continued to improve and the contribution
by Rand Mines Properties Limited assisted In maintaining the profit for the half-year at
last year’s level.

The results for the half-year were, however, adversely affected by a reduction in income
from investments, particularly gold dividends which were lower by some 52 cents per
share, and the increased rate of taxation which accounted for 22 cents per share; In
addition the group suffered from difficult trading conditions for base minerals and higher
interest rates.

The interim dividend has been maintained at 75 cents per share but if the gold price
remains at its present depressed level for the rest of the year and there is no improvement
in the base mineral market, it will be necessary to declare a reduced final dividend.
Listed investments: • •'

The values of the group's listed investments (market values are based on prices ruling
on The Johannesburg Stock Exchange) were as follows at .

31st March 31st March 30th Sept.
1982 1981 1981

(ROWS)

;(R000'S) ( (ROOO’s).

Listed investments

—market value 103 968 135 323 133715

—book value 55 358 32 719 34 362

The increase in book value of listed invest- ~

meets arises mainly from the acquisition
of shares in consideration for the disposal
of the group’s Asbestos interests.

Investments in listed subsidiaries not
included above

—market value 350 501 284183 453 895

Proposed capital expenditure and commitments

Capital expenditure during the half-year amounted to R67 million (1981 R6l million).
Capital expenditure commitments contracted for amount to R105 mil la on (19S1 RTS
million). Capital expenditure for the remainder of the financial year is estimated at -
R104 million (1981 R47 million).

For and bn behalf of the board
R. S. Lawrence (Chairman) )

D. T- .Watt (Deputy Chairman) | orS

Johannesburg

DECLARATION OF DIVIDEND NO. 85 6th M * y ’ 1982

52??^ -V™ GIVEN that dividend No, 85 Of 75 ronts .per share. has been
c ^ 0Uth ,^J lcan errancy, as an interim dividend in respect of the year ending
-i- en lv' ■® 82, to members registered in the books of the compaov at

i? n j 2 . lst May - 1982 an** to persons presenting the appropriate
861 detached from a share ^arrant to bearer. The dividend on a share
v ? u b® P aid in terms of a further notice to be published by the corn-
el S ,? Cret ?^ P n ,^ May- 1982. The register of members will be

about Is™ July 19^ 31St May ’ 19S2, illcIllsive ' 31141 dividend warrants will be posted on or

be ^averted into United Kingdom
u “ ted Kingdom Registrars and Transfer Agents will be the
r 5 bet ween Johannesburg and London ruling on the
2 ?J ld 1982 on which forei ^ 3 currency dealings are transacted.

3han *° Idere ' **

0115 o£ ? tins dividend may be inspected at or obtained from

the offices of the company m Johannesburg or in the United Kingdom.

Bwnchmw? no- By order of the board

- RAND:. MINES. LIMITED
*' Secretaries

“£<&001 per S. F. TOMKINS

(P.O. Box 62370, Marshalltown, 2107) United Kingdom Registrars and Transfer Agents:

n*:— « -a. tt it. j m Charter Consolidated P.L.C.,

Offiee in the United Kingdom: PO Box 102,'

• Charter House,

HoIborn Viaditot, Park Street, Ashford,

London EC1P 1AJ. Kent TN24 SEQ.

6th May, 1982

Si

Financial Tiines Friday May V. 19S2

ESTATE AGENTS ACT

-J j jo f?. A

'•ir., . .‘‘Jin *!.

Jnuj '-5»p . .

?!&$•

,nrf >> *

S& *> ■

r . iW, ft

*

— *-»sa. V.

The business remains open to alt-comers

BY MICHAEL CASSELL

§e*

IS82

_J

* .

*1**1
. 1^1

'JTir.

Sri

LEGISLATION designed to pro*
lect the public from unscrupu-
lous and .incompetent t-stale
agents has, after luu year:: of
repeated parliamentary initia-
tives. finally come into forcr.

The. implement a Jinn i his week
Ntf parts of the Estate Agent*
Act" 1979 Imposes major obliga-
tions on anyone involved ;.n
commercial nr residential .-state
agency. Failure In comply with
I he new s round rule? could
"result in criminal prosecution
or an order bauninc the
offender from further aueiicy
work.

The Act is. design eij m er.ie siri
; consumer protection to a busi-

■ ness which claims its reputa-
tion has for years heeri unfairly
tarnished by the sins nf a few
rogue operators.

; When the legislation ' was
* coins through Parliament, one
MP was moved to describe estate
' agents as “sharp professionals
in expensive pinstripe suits”
‘ who imposed ‘'irrnic.vipie"
■charges on their clients and

■ offered little in return.

‘ A consumer survey enr dueled
; af the same time for ih.? Pr.ec
-'Commissinn showed that. agents
were not readily .associated With
Professionalism. They wept
according to the surrey . widely
regarded as rather umntorm.i-
s tree. inefficient and pmir value
tor money, though three out of
' f nur buyers said they were slit 1
likely to use an estate agent
- again.

tinder the Act, it .will now
be an offence for an agent nPt
lo disclose anv personal interest
direct or indirect in a property
purchase or sale. He will in
many eases be obliged to pay
inrerrs* nn deposits hefd on
behalf of clients :n separately
audited avcourtts.

All a^ems are also required
■*o -slate :n advance of instruc-
tions The terras of business and
details of unv putcniial addi-
tional costs, such as advertising.
Failure to do so i-ould result
;n e decision to reduce or cancel
any fpps due Enforcement of.
:i»e new measure' will bo the
respon.ish.'lify of j^e Hire cl or
General of Fair Trading. •

The new Art appears to have
provnked only M timed micros!
among 'lip 7.U00 estate agen-
cies operating in England and
Wile? hm ;■ wording to Mr John
Hurdm-h, lecturer in law at
Rr ding University, such in-
difference could he costly.

“The lack of interest is as
regre'tribk* as .i ls dangrrous;
there :;rrrns to be a widespread
hc'h'f t!u»> :he 1 good buys * will
remain oaitc untouched by this
■“ic- i re. provided that they
cpr-'inuf' aioru the well-trodden
n-vb' of existing professional
practice.

" In coriain respects this is
probabi'- true., for there is no
roitson to believe that the Direc-
tor General nf Fair Trading
intend* to make martyrs out of

those whose transgressions are
purely technical ones.

“ However, the potential
hazards are wider than this:
any breach of the accounts
rules, for example, is a
criminal offence, while a
. sharpwitted client may well be
able to stand on his ‘ consumer
rights’ and avoid paying com-
mission to an agent who has
not followed the prescribed
procedure."

Although all estate agency
work is covered by the Act, the
spotlight is inevitably being
trained on residential opera-
tions. For while the house
agency field is predominantly
populated by professionals who
attempt to maintain high
standards of service and in-
tegrity. it has also proved to
be the most likely breeding
ground for those with more
dubious credentials:

With few resources and no
. qualifications required, anyone
has been able to establish a
" bouse broking ** business and
the ease with which it has
been possible has provided a
continuing source of aggrava-
tion to the qualified valuers,
auctioneers and surveyors.

But. although the profession
is welcoming measures con-
tained within the Act to
eradicate some of the abuses
which have detracted from its
image, it • has been equally
quick tn criticise the Depart-

ment of Trade for withholding
implementation of some of the
legislation's mud critical
passages.

The Act includes provision
for a system of mandatory in-
surance cover for any agency
taking deposits nn purchases,
as well as minimum standards
of competence for those
engaged in agency work.

is likely to be the single most
important transaction they
ever make.

In calling for the early
implementation of standards of
competence, the RICS has the
full support of the In-
corporated Society nf Valuers
and Auctioneers (ISVA). which
on Tuesday told Dr Gerard
Vaughan. Minister for Con-

While the profession is united
in calling for minimum standards, the
Government is anxious not to implement
any measures which could be seen
to encourage a closed shop

But the Government’s de-
cision not to bring these
measures into force along with
the remainder of 'the Act
means that, for the time being
at least, the business remains
open to all-comers and clients'
money could still be at risk.

The Royal Institution of
Chartered Surveyors (RICS).
which has nearly 14.000 in-
dividual members— all of whom
have degree-level qualifications
and are bound by a code of
conduct — is concerned that
the Act allows anyone without
experience or qualifications to
continue to set up in practice
and to advise people on what

sumer Affairs, of its concern.

Mr Michael Astbury. secre-
tary of the ISVA. says there are
fears that partial implementa-
tion of the Act may create a
false sense of security for the
public. “Anyone can still set
up as an estate agent, whether
or not he has any experience.
There is nothing in law even
to prevent the inexperienced
and unqualified from offering
highly skilled professional
services like valuation and
surveying.”

There are suggestions that
any standards laid down could
be linked tn existing pro-
fessional qualifications, though

there is an acceptance in most ' clients' money, emphasising the
circles that these might well "need to use only those
prove u nn ecessarily high for agencies which, do provide in-
sotneone -wishing to offer a- suraoce in- the -event of mis-
simple house agency service, appropriation or loss of client’s
There is no suggestion, that .money. Both professional
existing —agencies would be-- bodies are-planning the imple-
forcod to wind up their :busi- mentation: lof mandatary pro-
ness if qualifications which fessional indemnity insurance
they did jjqt-possess were event- -to cover the wider aspects o L
ually introduced. — their- members' -work.

But white the profession ' ' Enforcement' of the new
itself is- united in calling for legislation is' to rejy on -a.
minimum- standards, the Gov- -system of --negative licensing.”
eminent is anxious . not to. under which any person- will
implement any measures which be' entitled to engage in estate
could berswrno encourage a : agency work -^unless banned
closed shop. from doing so by ah : order

Mr David Tench, legal adviser issued by the Office of Fair
to the Consumers Association. Trading. ' •

says the professionals* call for For such a move to be taken,
regulations should be seen in the director "general must
the light of their historic lean- believe the agent in question
ings towards restrictive prae- is generally unfit to continue
tfees. “ It has taken the estate in business, while he must also
agency business over ten years have committed one of a
to dismantle a system of scale number of “trigger" offences
charges which the Monopolies —including a criminal convic-
Commission found to be against Tion for fraud, . dishonesty or
the public interest- violence, racial or . sexual dis-

“ We are certainly in favour crimination or involvement in
of a degree of regulations but “ undesirable practices."
extremely wary of . anything The Director General may
which restricts* competition in then issue a complete ban or an
a field which has a history of enforcement order which
resti retire measures behind it. restricts the offender’s activities
“The Act is overdue but to certain areas of agency work,
nevertheless represents an Originally.. there were
important development in the proposals and widespread sup-
field of consumer protection." port for a system of positive
Both the RICS and the ISVA licensing, under which everyone
are. in ihe absence of any involved in estate agency work
statu lory insurance scheme for would have to meet certain

qualifications before being
registered. The problems of
establishing and enforcing a
registration system were, how-
ever, • regarded :: as-:, a- major
obstacle, given the. enforcement
resources available.

' ' People like' ' David Tench
claim there was a good case fnr
positive licensing, 'although he
accepted the move could open
up rhe sort.. of bureaucratic
• nightmare which followed the
Consumer Credit Act.

"This is a half-way house
between a free for all and a
licensing system and it would
turn out to be a ‘complaint
only’ form of policing. But we
must not judge it too soon.”

The professional bodies
believe some - form of regis-
tration is essential and point out
that other countries have
managed to adopt such an
approach. They privately accept,
however, that the fragmented
structure of the estate agency
profession has not helped the
process of finding a simple
formula to maintain standards.

According to Kenneth Forbes
of the ISVA: “The profession
does not want a closed shop
but ii has continually pushed
for the introduction of some
minimum level of standards.
Registration systems have been
introduced and have worked
successfully in other countries
and we see no reasons why they
could not work here."

5

U.S. $20,000,000
Bearer Depositary Receipts

repre se n ting uudt.i iRi?ics?ina" '

' Floating Rale Deposit finally due 1936

with ' "

. GACavendes ...

Sodedad Financiers

ihccvorz&s i eafiUKaaLaiey me fc At- ■: n , cne2.s -j)

evidenced by consecutive three month Certificates of Deposit

Notice is hereby given pursuant to the

Terms and Conditions of the Bearer Depositary Receipts
(the "BDRs" ) that for the three months from
5th May, 19S2to.5th. August. 1982. . .

the BDRswill carry sn interest rate of15T?s% per annum.
On 5th August 1982 interest of U.S.S39-77 will be
due per U.S.S1.000 BDR and U.S.S397-7 1 due
per U.S.S10.000 BDR for Coupon No. 12.

European Banking Company Limited
(Agent Bank}

5thMay,19£2. "

U.S. $.40,000,000

Christiania Bank og Kreditkasse

( Incorporated in :he Kingdom of Aor-vny xsuk limited liability)

Floating Rate Subordinated Capital Notes Due 1991

In accordance with the provisions of the Notes, notice is
hereby given that for the three month Interest Period from
5th May. 19S2 to 5th August, 19S2 the Notes will
carry an Interest Rate of 1 5rV "■« per annum and the Coupon
Amount per U.S. SI ,000 will be U.S. S39* 1 3.

Credit Suisse First Boston Limited
Agent Eank

U.S. $20,000,000

Den norske Creditbank

Floatina Rate Subordinated Capital Notes
. ‘ Due 199G

la accordance with the-prowsions ofthe Notes, ndBa is
hereby given that for the three month Interest Period from
Syi 1982 to 5th August, J9S2 the Notes will any au
Interest JRate of 1 5iV% per annum and the Coupon Amount
per U.S. Si, 000 will be U.S. S39-I3.

Credit Suisse First Boston limited
; Agent Bank

Major corporations
expect a superior
banking service.

Lloyds. Bank International
can provide it, because we
are integrated as a commercial
and merchant bank internationally.

It is this that makes us different

What’s more, no bank is backed by a stronger
capital structure.

In an unsettled world we know there are business
risks as well as opportunities. Our skill lies in
combining realistic advice on complex financial
problems with the resources to implement
practical solutions.

We are as reliable in handling trade finance as
when assembling finance for the biggest of
multinational projects. We are as much at home
in our domestic markets overseas as in the
international capital and money markets.

We operate in depth across five continents and

conduct business in over
a hundred countries. Yet
Our management remains a
close-knit team of
professionals; and we are
r structured expressly to enable
them to communicate freely across
the globe and to our top decision makers.

It’s because we are integrated that wherever you
deal with us-

♦ You lockinto a geographic network and
range of services matching the best

You tap a fund of expertise and
- - reserve ofknewledge -second to-none

You secure the fast and sure response
. that gives.you the edge

A fresh approach to international banking

International

• ■»

Financial Times'. Friday May . 7 1982

Goapaoies and Markets

MINING NEWS

MIM Holdings records
third quarterly deficit

BY GEORGE MILLING -STANLEY

If you can score 10 out of 10, you won’t need to
turn to the Property Page.

My offices have:

1 Economical air-conditioning

2 Low maintenance costs

3 Superb natural light

4 Facility for §taff

Restaurant

6 40 car parking spaces

7 Standby Generator

8 Digital telephone system

9 Acoustic tiled ceilings
and carpeting throughout

5 Bank of England and
Westminster within 15
minutes walk

10 Space for up to 750
staff

THE CONTINUED weakness in
metal prices has meant that
Australia's MIM, Holdings has re-
mained in the red in the three
months to April 4.

Toe latest quarterly operating
less, the third in 2 row. came to
AS9.51D1 (fo-fim), This brings
the cumulative loss for the. first
nice months of the financial year
to A$13£8m, which compares
with a profit of A$94.4m at the
same stage of the previous year.

An extraordinary loss arising
from • currency movements
brought the final deficit for the
nine months to AS20.4m.

MIM said that metal prices*
constituted the most significant
factor behind the losses. While
; zinc prices showed. a small rise
over the previous year, ' both
copper and lead continued to fall,
and the silver price was sharply
lower.

In spite of these factors, the
group's major metals operations
traded at a small profit but a
fall of AS102.3m in sales revenue,
coupled with a 17 per cent
increase in the cost fo sales,
briugbt about the net loss.

MIM said that its joint venture
activities at the nickel-producing
Agnew, and Teutonic Bore, which
produces copper and zinc.

BOARD MEETINGS

Ins. tali owing companies have no&Jiec
dates oi board meetings, uj the Suck
Exchange. Such meetings ere usually
held for the purpose of considering
dividends. Official indications are nc:
available 39 to whether div d ends are

interims or finais and the subc-vinans

shown below are based ma nly on las;
year's timetable.

' TODAY

Interims — Drayton Consolidated Trust.
Gamme. J. Hepworth. Pochm’s V/ehco.

Finals — Arrow Chemicals. SIosMeys,
Manor National Motors. Northern Gaid-
sm.ths. - Oyertstone Investments. Scot-
tish Ontano Investment. Yorfclyde.

This advertisement complies ; xith the requirements of the Council of The Stock Exchange.

Can. $50,000,000

HYDRO-QUEBEC

(An agent of the Crown in right of the Province de Quebec)

16|% Debentures, Series EU, Due May 15, 1989

Unconditionally guaranteed by

PROVINCE DE QUEBEC

V

The following have agreed to subscribe or procure subscribers for the Debentures:

■ Merrill Lynch International & Co.

Algemene Bank Nederland N.V. . Amro International Limited

Bank Brussel Lambert N.V. Banque Generate du Luxembourg S.A.

Banque Internationale a Luxembourg S.A. Continental Illinois Limited

Credit Lyonnais Credit Suisse First Boston Limited

Kredietbank N.V. Levesque, Beaubien Inc.

Societe Generate Sodete Generale de Banque S.A.

Swiss Bank Corporation International Limited S. G. Warburg & Co. Ltd.

Wood Gundy Limited

The Debentures, issued at 100 per cent., have been admitted to the Official List by the Council of The Stock Exchange
subject only to the issue of the temporary Global Debenture. Interest will be payable annually in arrears on May 15,
beginning May 15, 1983.

Particulars of the Debentures, Hydro-Quebec and the Province de Quebec are available in die Easel Statistical Service
and may be obtained during usual business hours up to and including May 31, 1982 from:

Rowe & Pitman, * Phillips fie Drew,

City Gate House, Lee House,

39-45 Finsbury Square, . London Wall,

London EC2A 1JA London EC2Y SAP

May 7, 1982

NOTICE OF ISSUE

ABRIDGED PARTICULARS

Application has bean made 1o the Council of The Stock Exchange tor the undermentioned Stock to be admitted

to the Official List.

Mid Southern Water
Company

(Incorporated in England on the 27th July, 1893, by the Frimley and Famborough District Water Act. 1893.)

OFFER FOR SALE BY TENDER OF

£ 7 , 000,000

9 per cent. Redeemable Preference Stock, 1987

(which will mature tor redemption at par on 30th June, 1987)

Minimum Price of Issue— £100 per £100 Stock

yielding at that price, together with the associated tax credit at the current rateVl2.B5 per cant.

This Stock is an investment authorised by Section 1 of the Trustee investments Act, 1961 and by
paragraph 10 (as amended in its application to the Company) of Part II of the First Schedule thereto. Under
that paragraph, the required rate of dividend on th&Ordinary Capital of the Company was 4 per cent, but, by.
the Trustee Investments (Water Companies) Order 1973, such rate was reduced to 2.5 per cent, in relation to
dividends paid during any year after 1972.

The preferential dividends on this Stock, which will rank proportionately for dividend with the existing
Preference Stocks, will be at the rate of 9 percent, per annum without deduction of tax. Under the imputation
tax system, the associated trfx credit at the current rate of Advance Corporation Tax (3/7ths of the
distribution) is equal to a rate of 36/7fhs per cent, per annum.

Tenders for the Stock must be made on the Form of Tender supplied with the Prospectus and must be
accompanied by a deposit oi £10 per £100 nominal amount of Stock applied for and sent in a sealed envelope
to Deloitte Haskins & Sells, New Issues Department, P.O. Box 207, 128, Queen Victoria Street, London
EC4P 4JX marked “Tender for Mid Southern Water Stock”, so as to be received not later thanrtl a.m. on
Thursday, 13th May, 1982. The balance of the purchase money will be payable on or before Monday,
28th June, 1982.

The Company was incorporated by special Act of Parliament in 1893, and now supplies water in an area
of approximately 580 square miles in parts of Berkshire, Hampshire, Surrey and Sussex to a population of
approximately 628,000. In addition, large supplies of water are afforded under agreements to various
Government Establishments. The length of trunk and service mains is some 2,486 miles and the average daily
quantity of water supplied by the Company is 41.8 million gallons.

The present issue is being made to provide for the redemption at par, on 30th June, 1982, of £5,000,000
8 per cent. Redeemable Preference Stock, 1982 and to provide funds for capital expenditure incurred or to be
incurred on new works, new mains and extensions of mains.

Copies of the Prospectus, on the terms of which alone Tenders will be considered, and Forms of Tender
may be obtained from:- •

Seymour, Pierce & Co.,

10, Old Jewry, London, EC2R 8EA.

Barclays Bank PLC

65, High Street, Camberley, Surrey GU15 3RQ.

or from the Company's principal office, Frimiey Green, Camberley, Surrey GU16 6HZ.

FUTURE OATES

Interims—

Brown (Mantiew) May 17

Construction Holdings Mey 20

GR (Holdings) May 10

General investors end Trustees Sept 23

ME?C

Northern Indus. Improvement

Trust

Trafalgar Ha usa

Finals—

Advance Securities

Alpine Holdings

A:> 3 _o American Ccrp. of Soucn

Africa

8 senie (James)

Bisr.oDSgate Trust

EurspG 3 .n Fames

F.na Art Developments

Foikes (John) Hefo

Fester (John) ..........

Francis Industries

Hembree Investment Trust ...

King end Sttaxson

Scott and Robertson

Tfl Technology Invest. Trust ...
Young Companies Invest. Trust

Whitbread

~VJh>rbnad Investment .

June 1
May 14
May 17
May 12
May 20
May 12
May 11
May 12
Mey 20
May 13
May 20
May 13
May 12
May 17
May 19

returned unsatisfactory results,
reflecting both low metal prices
and operating difficulties. Some
progress has ben made towards
overcoming the latter.

The group added that the poor
results also reflect the high level

of capital spending, which is
aimed at extending its activities.

MIM. which recently raised
AS125m through a rights issue,
has announced a further fund-
raising through a U.S.$ltX)m
floating rate note issue.

Little change in
profit at TCL

, SOUTH AFRICA'S Transvaal
Consolidated Land (TCL), the
63 per bent-owned mining arm
of the Barlow Rand gronp,
suffered from lower gold income
in the six months to March 3L

This was, however, offset by
a continuing advance in earn-
ings from coal, which meant that
the first half attributable profit
of R26fi5m (£14m) was barely
changed from the corresponding
figure for 1981, reports Thomas
Sparks from Johannesburg.

Operating profits, which are
largely derived from the coal
and base metal interests, rose to
R58.4m from R37.4m. but invest-
ment Income,’ which comes

mostly from holdings in the
group’s gold mines, fell to RS.2m
from R 12.7m-

An unchanged interim divi-
dend of 75 cents has been
declared, in spite of the fall in
first-half eavingfs to 308 cents
a share from 361 cents last time.

The 70 per cent-owned Wit-
hank Colliery hopes that it will
be granted additional export
allocations within the next few
weeks.

TCL itself is to build a R352m
underground mine to supply an
eventual 11m tonnes of coal a
year to a Thermal power station
planned by-. Escom, the' state
electricity utility.

Staff cuts in Australia

TWO OF Australia's biggest
mining concerns. Mount Newman
and Western Mining, have
started to trim their workforces
through natural wastage because
of the worldwide weakness in
metal prices, reports Ian Perkin
from MeUxmrne.

Mount Newman has so far lost
about 150 workers under its pro-
gramme. and expects to lose
'about the same number again
over the next 12 months. The
total workforce at its Pilbara
irorf ore rmne is currently just
over 4,000.

Western Mining has cur the
number of employees at its
Karabalda nickel mine. 400 miles
east of Perth, by 40 over the past
three months. The workforce
now numbers 1.570 people.

Both companies have stressed
that there will be no redun-
dancies.

The two new programmes of
staff cuts come -only weeks after
400 men were laid off by Austra-
lian Iron and Steel, a usbsi diary
of BHP, following the closure of
a nig Iron blast furnace at
Rwinaoa. just outside Perth.

AMIC urges consistency

THE AUSTRALIAN Govern-
ment’s policy of ** tinkering "
with tax rates as a tool of broad
economic policy is having a dis-
couraging effect on investment
in minerals, and destroying the
confidence of both investors and
lenders, according to Mr Hugh
Morgan, president of the
Australian Mining Industry
Council (AMIC).

Mr Morgan said that recent
policy decisions had been taken

for purely short-term reasons,
and made forward planning of
projects virtually impossible,
reports our Melbourne corres-
pondent

He told a recent seminar on
the. outlook for minerals that
there had beeu about 30 separate
changes in taxation policy since -
1974, and these had worked to
discourage long-term mineral
development.

Jackson 3 flows oil

THE JACKSON No 3 appraisal
well drilled in tbe Queensland
sector of Australia's Cooper
Basin has produced oil at a rate
of 1,120 barrels a day (b/d)
from the interval 4,403 to 4,452
ft.

On Monday the well flowed
oil at a rate of 240 b/d from tbe
interval 4,315 to 4,404 ft Jack-
son 3 has a target depth of
5,080 ft Testing of the well is
continuing.

Interest holders in the Nac-
cowlah Block, which contains
the Jackson oil . field, are:
Santos, 32 per cent; Delhi (a
CSR subsidiary), 32* per cent;
Claremont Petroleum, r 10 per
cent: Vamgas, 8 per cent;
Ampol Exploration, 7.5 per cent
and Oil Company of Australia,
2.5 per cent

The original ’ Jackson dis-
covery flowed - oil at rates
totalling in excess of 4,000 b/d.
Jackson South 1 produced oil
at 800 b/d.

Meanwhile, no significant
hydrocarbon shows have been re-
corded at the Pisces 1 .wildcat
well drilled in the Bass Strait,
off the coast of Victoria. Pisces
1 is currently drilling ahead at
2.442 metres, approximately
S8 metres from its target depth.

Interests in the Pisces
licence area comprise: Union
Texas Petroleum, 20 per cent;
Cuitus Pacific, 18.75 per cent;
Ampol, 15 . per cent; CRA Ex-
ploration, 15 per cent: York
Resources, 8.75 per cent: Arebean
OIL 8.75 per cent; Metramar.
8.75 per cent: and Sovereign Oil
Australia, 5 per cent

SHEAFBANK
PROPERTY TRUST PLC

Notice is hereby given of the appointment
of Lloyds Bank Pic as Registran

All documents for registration and
correspondence should in future be sent to
the address below

D.M.BLYTHEN
COMPANY SECRETARY

Lloyds Bank Pic,
Registrars Department,,
Goring-by-Sea,

Worthing, West Sussex BN12 6D A.
Telephone: Worthing 502541
1STD code 0903

J}-

LONDON TRADED OPTIONS

May 6 , Total' Contracts liMl Calls 1,268 Puts 295.

BP (e) :

BP-(cJ ■

BP vp)

BP ipl
CU (61
CUici

Coos. Gid (cj;
Ctlds. ic) 1

Ctfds. (cl \

Ctlds. (oi 1

GEC (c) I

GEO (cj I

GEC <p) i

GEC (p) ,

GEC (p> <

32 ! ' 1 ■(

12 • 50 ]

.3 1 2.1

_ I 28 —

16 i - i 19 —

19 i 23
12i S 6

1 -30

90 29

48 35

3 2

■ 9 28

Grid Mat (clj
Grid Met. ick
Grid Mat. {pi
Grid Met. (pi!
Grid Mat. (pji
IC1 fci ,
ICI (cl ■
ICI (cl

tci rpi !
ICJ ip> . I
Land Sec. teV
Land Sec. icti
Land Sec. icH
MKs & Sp. tci!
Mks & Sp. (oh
Mka 3c Sp. (cV
Shell (c> ' I
Shell ici— |
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20 j 10
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8 ; 15

64 1 1

38 ! ■ - i
20 i. I i

91*

- ' 12 I -

120

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Barclays (p)
Imperial (c>
Imperial id
Imperial (c'
imperial tp )
Lasmo (c)
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Lasmo (c)
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P&O ici
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460

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57

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EUROPEAN OPTIONS EXCHANGE

i May

Series ; Vol. ; Last

' . ’ 1

voi.

hug. -
j Last

t

Vol.

lov.

J Last

■i Stock .

GOLD C

S325I. - — .]

_

10 1

32 |

1

'$324.75;

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9(350' 53

3.90

42 |

19 \

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S336j -31 . |

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41 ,

“Si

1

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54001 ■ - 1

—

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l

; ■ ., ; '

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5425 10

0.10

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. . — .

l»- .

GOLD P

5326 27

1 B .

1 ■ 74 i

17

5

! 16

1 tf

GOLD P

5360 — • |

1 - — |

I -59 •;

29 1

38

1 31

1 »

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- 5375,

i 23

44 |

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S400i — 1

— - |

1 '

f —

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5425 2

88.50 |

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1 ” -l

133* NL 81 87-91 .*

C - F.1051 91

10.90

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F.55i 3

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F. 100. 24-

F.110 33

F.12Q 35

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10.60 1

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F.120 96

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F.130 199

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F.120 56

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F.130 6

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NATN C

F.llSf 10

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F.1IO. 10

PHIL C

F.20 76

F^S^CH 99

5.10

—

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PHIL C

2.60

5 i

2.90

—

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F.25 318

1

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1.60 !

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F.27.50 —

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RD C

F.80 10

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F.90 49

4

26

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UNIL C

F.150I 12

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TOTAL VOLUME IN CONTRACTS:

A=Asked 8— Bid

C

5428

i=Cali

P

=Put

8
■ t

BANK RETURN

Wednesday
May 9 1982

Increase (+1 or

-Decrease I— )
for week

BANKING DEPARTMENT

Liabilities

Capital |

Pu trite Deposits

Bankers Deposits i

Reserve and other Accounts.

£

14,663.000
38,890 467
. 428.721.184
1,687,122,700

{ - 143,811,282 I. -Cj,-;
+ 20^685,712 4

2,169,267,341

— 120,307,844 j > ,

Assets , . |

Government Securities I

Advances A other Acoounts.:.: 1

Premises Equipment A other Secs. 1

Notes..:. )

Coin, I

49 i;e 62,755
1,109,162,088
• 540,496,952
27,848,043
227,503

.+ 24^530,000' w

I -

' ! :

8^69,287,34.1

- 120,307,84*}

ISSUE DEPARTMENT

Liabilities

Notes issued

In Circulation

In Banking Department _L,

Assets

Government Debt

Other Government Securities

Other Securities - - '....

10,760,000,000

10,722,151,967

27,848,042

11,015,100

+ 100,000,000,'
+- 7,700,1661

- • 4

'3.216,931,620 + 588,035,809

7,522,068,280: \

10.750,000,000. • 1 + -100, 000, 1

RESULTS AND ACCOUNTS IN BRIEF

LYON PBWS (bedding plastic 1381 reported April 20. Ffrsd

RELYON PBWS (bedding plastic
(oam)-^tssults (or, IS® already
known. Shareholders' funds £4. 78m
(£4.31 m); net current assets E3.2fim .
(€2. 92m); Increase in liquidity £592,810
(Elm). Meeting, Beam Bridge Hotel,
Wellington. Someraei, May 28, at noon.

HUNTING PETROLEUM SERVICES—
Results lor 1981 and prospects
reported April 29. Shareholders’ funds'.
£12. 3m (£8.79m); fixed steels Cl 9 ,33m .
(£12.Z7ffi); net current assets £836,000
Meeting; 243, Kntghubridge,
SW. June 9. at 12.20 pm.

POTTOS (industrial holding . com- -
psny) — Results (or 1981 and prospects ■
reported March 12 Shareholders'
funds £13 01m ,(E16.7m).- - Fixed

assets. £9. 71m (ni^am):'.: - currerit
assars f3l-dm (C40.7ani). including :
debtors El!.9tn (£15.28m) and etodfc
and wort in progress . ^£l?.62hi

£826.595 (£502.478); net current «
fl.fllm (£l.54m): shareholders’

€ 2 . 23 m (£2JJ3m): Increase in wor^v ^
capital £299.882 (£218,235)- >

DORAWAKANDE RUBBER •

Pre-tax profit for 1 1981
(£46507). including share of MSj*
ciotee £5.068 (£5,690). Tax
(£12.268). - Stated Minings
share 4.1Sp <4£U>h, .Final dhretemlf*
(seme)- making 3p nnt' (*••■!■ a , \
JAMES NEILL' HOLDINGS

engineerj^ResuIts - lor 1981

April 23. Shareholders' hinds \

f£2839m); th«a

l£19.42m): net current,

(£23.18m)r current liatrill'Uas £24.9Sm
(£28. 97m), including hank-- borrowings
£3. 12m (£4.S£m). . Meeting: Brawn's

Hotel, Dover Street.' W. 'June's,' noon.

HEADLAM SIMS AND COGGINS—
(footwear -(wamilactnrpr)— flrsirirs . for;

.t£i9.42m): net cummi.aeMte-® 2 -® 1 ^
:(£2G S8m). ' V;.V . . ' 1 ■ ‘

- STERLING. CKajrt .GROUP-^fS
lor 1981' atreody khdwn: 1 »»pf*meS
. for invesurienc S.®m.(niUr'fi*®, aa JJL
£507.000 " (C4ffl ,000)i -f bank":»nd oh
. baforrcea £557. n» (£307,000); II* «

: rent assets £200,000 .(CI-OTrnJ^Oi^'
ties); ' Ebaraholdera' - (undo-
(£228.000 deficit)' Meeting: >0 St-
al-Hifl.' EC. : May M'-.at Warn-

Financial Times Friday .May 7 1982

Companies and Harkets

COMMODITIES AND AGRICULTURE

33

la

.?

IT

wQ

■*C.

iT

'tA.

<i\-

l'

i

Zambia to

import

maize

By Michael Holman

ZAMBIA, expects to import
400,000 tonnes of maize this
year at. a cost of $74m, Mr
Naumino Mundia the Prime
Minister, said yesterday. The
likely sources of this staple food
are Zimbabwe and South Africa.

The country’s Co mmercial
Farmers Bureau <CFB) warned
recently that poor rains had
caused a drop is maize produc-
tion from 7.9m bags last year
to around 6m bags this season.
Domestic demand is 7.2m bags
a year, plus a further im bags
for feedstock. This would leave
a shortfall of around 2m bags
(180,000 tonnes), bot the Prime
Minister's comments indicates
that the anticipated crop is
lower than the CFB forecast

U.S. minerals
expansion plan

BY NANCY DUNNE IN WASHINGTON
THE HOUSE Banking Commit- foreign suppliers for its stra-

tee was yesterday expected uo
pass a $5bn measure which
would invigorate the domestic
mining industry and provide
American-psoduced minerals
for the U.S. strategic materials
stockpile.

The legislation, an amend-
ment (o the Defence Production
Act of 1950 which is due to be
renewed by September, directs
the President to art imme-.
diately “to provide financial
assistance for the modernisation
of U.S. industries which are
necessary in the event of emer-
gency or war to the manufac-
ture or supply of national

The South African price of [defence materials."
maize has been increased 15.9 j Such assurance, the legisla-
per cent to 155.3 Rand per . tlon s 3 *’* 5 - may in the form
tonne, effective immediately, ! of loan guac/mecs, loans, pur-
a^ri culture minister Pietie dii i ch:,se agreements or price
Plessis said, Reuter reports from Saaranfees to domertic mining
Capetown. The gross producer ' companies,
price will rise to R 155.05 and the ' 0n basis of e::perted price

net price to R134.05.

Danes curb
meat exnorts

By Hilary Barnes in Copenhagen

DENMARK has decided to halt
all fresh meat and livestock ex-
ports to the EEC from Zealand, ,
following the spread of the foot i
and mouth disease outbreak to I
the island, the Minister of Agri- |
culture said. The measure will
apply provisionally until May 12. !
--when it win be reconsidered. '
The decision was taken under
fc *CHAto>~ pressure from oiher countries.

especially from farmers in
v«. ^ r North Germany.

— "j» All transport of fresh meat
f - : from Zealand to other parts of
: : the country, as well as all live-

- •; * stock movements, have been !

■ ;■ banned.

3s jj : The West German govern-
: ‘ ; meat announced a unilateral

e: ~: ; ban on imports of fresh meat
' - from Zealand, after the
* Danes had already announced
• that they were suspending
. exports. This caused extreme
- ■ irritation to the Danish govera-
1; ment which said it had not bven

- 1 '; 1 notified of the German action.

supports one company, Cali-
fornia Nickel Corporation, has
already spent SI 5m to open a
new mine near the Redwood
National Park fo extract nickel,
cobalt, chromite and manganese
oxide.

Since its early days the
Reagan Administration has ex-
pressed concern about U.S. dp-
pentfence on ** unstable "

tegic materials, in its minerals
policy statement released last
month, the Administration pro-
mised art ion to beef up the
stockpile.

Support for the House Bank-
ing measure exists both on
Capitol Hill and in the Cahlnet.
More than a majority of the
committee members are co-
sponsoring the bill.

In March Mr Caspar Wein-
berger, the Secretary of
Defence, wrote budget director
Mr David Stockman a letter
saying: "We view Dur growing
obtained by the Financial Times
foreign dependency on strategic
resources with increasing con-
cern.” He went on to suggest
that funding for “this cri-
tical industrial preparedness
authority" be provided from
the Defence Department budget.

More than $lbn would be
spent to train workers in skills
needed for priority industries
and about $4bn is designated
for the minerals expansion

The programme would be
much like the one established
in the 1950s here, which did
much to encourage mining
operations at the time, accord-
ing to Mr James Buzier. assis-
tant to the president of the
American Mining Congress.

Producers oppose rubber
buffer price cut

BY WONG SULONG IN KUALA LUMPUR

RUBBER producing countries,
led .by .Malaysia, are lobbying
to prevent an automatic 5 per
cent cut in the buffer stock
price range at today’s session
of the International Natural
Rubber Organisation in the
Malaysian capital.

Delegates from the 31-
member pact point out that
under the INTRO agreement,
which came into full force on
April 15, there is provision for
an automatic 5 per cent cut in
the price range if the daily
INRO indicator price average

is below 179 Malaysian/
Singapore cents per kilo over
the previous six months.

At the two previous INRO
meetings last November and
March, demands by producing
members for an upward re-
vision in the price range were
rejected.

Since the INRO indicator
price has been below the 179
cents “ may-buy " level for the
past six months, the United
States, the biggest consumer, is
asking for the automatic price
cut.

American
farm crisis
proposals

. By Nancy Dunne in Washington

A COALITION of 15 Demo-
cratic farm state Congressmen
and four Republicans, calling
Itself the Farm Crisis Group,
has introduced legislation
which would increase the
acreage of U.S. land held out
of agricultural production.

Under the proposals,
designed to remedy the
“ inadequacies" of (he 1981
Farm BUI, producers of feed
grains, wheat, cotton and rice
who have already signed up
to participate in the 1982 set-
aside programme would have
the additional option of
diverting another 5 per eent
of their acreage and being
paid for that diversion.

Currently, the Department
of Agriculture bas a volun-
tary acreage reduction pro-
gramme in effect which
requires a set aside of 10 per
cent of the land used for feed
grains, and 15 per cent for
wheat, rice and cotton lands.

The Farm Crisis Congress-
men hope that the additional
set-aside would reduce sup-
plies enough to stimulate
prices and cut payments for
“target prices,” essentially a
subsidy programme.

Also under the legislation,
a nationwide referendum
would be held In July on
whether farmers ulH lay aside
15 per cent of their crop land
for conservation purposes
next year.

Reagan sets sugar curbs

BY JOHN EDWARDS, COMMODITIES EDITOR

UJS. IMPORTS of sugar will
be limited to 220.000 tonnes for
the period from May 11 to June
30, following the reintroduction
of quotas, it was announced
yesterday.

President Reagan said the
sugar quotas were needed to
prevent massive imports that
could damage the domestic in-
dustry and cost the Administra-
tion $400m. Under the price-
support programme approved by
Congress last year the govern-
ment is obliged to buy up sur-
plus sugar supplies if domestic
prices do not reach the guaran-
teed minimum level of 16.75
cents a lb.

However, the level of addi-
tional fees that can be imposed
on imports is limited by the
fact tht it must not exceed 50
per cent of the fob value of the
product. The sharp drop in
world market sugar prices to
an unexpectedly low figure
means that the maximum im-
port fee is inadequate to pro-
tect the domestic market and
the U.s. has been forced instead
to impose quotas for the first
tints since the U.S. Sugar Act
expired at the end of 1974.

The White House yesterday
issued the percentage alloca-
tions for supplying countries,
which will be used to calculate

the amounts that will be sent.
They are based on the ship-
ments made by supplies during
the period from 1975 to 1981
when no quotas were in force.
Biggest individual supplies is
the Dominican Republic with
17.6 per cent followed by Brazil
14.5; Philippines 13.5 and Aus-
tralia 8,3 per cnet.

The quantity allocated for the
third quarter — July to Scpteaier
—will be announced on June 15.
but the quotas will automatic-
ally expire on October 1 unless
it is decided to continue them.

The International Trade Com-
mission has been instructed by
President Reagan to study the
impact of imports on the
domestic sugar industry.

There was little reaction on
the London world sugar market
to the U.S. announcement since
it was largely in line with ex-
pectations and had already been
discounted. The London daily
price for raw sugar fell again
yesterday by £3 to £117 a tonne,
and futures values were also
easier.

Market sentiment has been
depressed by reports of bumper
crops in most leading cone pro-
ducing countries, especially
India where a massive rise in
output is forecast.

Sugar statistician. F. O. Licht,

raises’ his estimate of world
production in the 19S1-S2 season
lo over 97m tonnes— even
higher than some of the esti-
mates issued recently by London
brokers (£. D. and F. Man for
example put the world crop at
96.70m tonnes). With consump-
tion badly hit by the recession,
put at only 90m tonens a huge
increase in surplus stocks is
building up and some traders
feel the market could well fall
below £100 a tonne, especially
if the Soviet crop prospects
improve.

Meanwhile the EEC Commis-
sion in Brussels surprised the
market yesterday by authorising
the export of 32,000 tonnes of
white sugar from its supplemen-
tary sales programme in addi-
tion to 10,150 tonnes under the
normal weekly selling tender.

Until now the EEC has limited
exports under the supplemen-
tary programme, which con-
tinues until the end of July
after the normal sales end on
June 16. by refusing to grant
the export rebates wanted by
traders. But yesterday the
maximum subsidy given on
supplemental-;' subsidies was
raised to 29.844 European cur-
rency units per 100 kilos, bring-
ing it close to 30.99 units subsidy
given at the weekly selling ten-
der.

Australian
fears for
sugar exports

By Michael Thompson -No el m

AUSTRALIAN sugar-growers,
and the government, are
alarmed at the U.S. decision
to introduce import quotas on
sugar.

Mr Doug Anthony, Aus-
tralia’s deputy Prime Minister,
who is also Minister for Trade
and Resources, raised the
matter with the U.S. vice-
president, Mr George Bush,
during talks in Canberra

Mr Anthony told Parliament
recently that V-S- quotas on
sugar would have “ severe
implications" for Australia,
He said he would react
strongly. If he thought the
U.S. was offering preferential
treatment to Caribbean pro-
ducers at Australia's expense.

After wheat, sugar is Aus-
tralia’s second most important
export crop.

In 1981, the U.S. replaced
Japan as Australia's biggest
export market for sugar
taking 700,009 tonnes.

Total Australian sugar pro-
duction in 1SS1-S2 is
estimated at 3.43m tonnes.
Value of sugar exports in
1981-82 is pul at ASi-Mhn
(S777m), some 30 per cent
less than the previous year's
record, A$L06bn.

Riding the nationalisation tiger

Battery hen
system support

By a Correspondent

The British poultry industry is
determined to stick to the
present system of battery cage
egg production “at all costs"
until the advantages of an alter-
native are clearly demon stra led,
the industry's leader said
No prudent producer would
alier his battery houses "with
all tbe capital outlay and cost
disadvantages involved" when
cope size regulations could later
he changed again, British
Poultry Federation chairman.
Mr John Maunder told the
federation's annual meeting in
London.

THE Labour Party may include
in its manifesto a proposal to
nationalise the rented portion of
agricultural land. This would
amount to around 40 per cent of
tbe whole area, leaving the
owner-occupied section un-
scathed for the time being.

This is a resurrection of an
old idea which used lo be
propagated in the 30s and 4Qs.
The reasons for this step are not
particularly cogent economic-
all) 1 . but the sponsors un-
dobutedly think there may be
some political mileage to be
gained.

At first sight this looks
unlikely. The Country Land-
owners Association is scornful
and the National Farmers Union
very hostile to the idea. Farmers
generally dislike the idea of

more state control of anything.
Unless of course there is a sub-
sidy to go with it. in which case
it can be grudingjy accepted.
But there are areas where
nationalisation might appeal
even among the fanning com-
munity.

Mr Gavin Strang MP, once a
member of Labour's Agricul-
tural Ministry team, touebed on
one area in a recent broadcast
This was the power and influ-
ence which ownership of large
estates could bring particularly
in Scotland.

There are also areas of
England and Wales where the
private landlord arouses mixed
feelings. No one can deny that
the activities of some land
agents managing estates are
arousing great antagonism with

demands for increased rents. So
are the methods used by some
agents to achieve higher rents.
It is quiie possible that in a few
years time a proportion of
Tenants, exasperated by what
they consider the rapacity of the
private or institutional land-
lords. would look kindly to any
proposal likely to get them off
their backs.

In this they could well be
jumping out of the frying pan
and into the fire. The State in
various guises already owns and
lets a sizeable area of farm
land. It is managed by land
agents who have the same train-
ing as those in private practice.
For the past 20 years. I under-
stand, they have been in-
structed to exact the highest
commercial return from all the

assets they control. It is very
unlikely that the politicians
will instruct their agents to be
particularly gentle to tenant
farmers.

The Labour Party's proposal
claims that nationalisation of
rented farmland will increase
the number of farms available
to rent particularly for the
young farmers. But the?’ do not
say how this will be achieved.
Jt is unlikely that the party-
wili rescind’ the legislation
■which gives farmers security
of tenure over two generations
which they themselves brought
it in 1976. The only way the
State could bring this about
would be by subdividing any
large farms which happened to
be taken in hand.

John Cherrington

BRITISH COMMODITY MARKETS

BASE METALS

BASE-METAL PRICES gava ground on
the London Metal Exchange following
the rise in sterling. COPPER drilled
to close n £897.5 and ZINC eased beck
to £422.75 while hedge and " com-

Aftcmoon; Sta ndar d, cash
three months 17300. 7290.
1.005 tonnes.

f7115. 10;
Turnover:

LEAD

I a.m.

: Official

r or, p-m. « t or
— Unofficial! — f

• • to £422.75 whilo hedge end com- l £ £ i £

; ; puier *■ selling • depressed LEAD lo cash i 320.-5 .-SJfc 319-.5

- . £333. ALUMINIUM was finally KGSJZS 3 months! 333 .5 !-4.7B< 332 .5

• and NICKEL £2.897.5. the letter reflect- sattlam'ti 320.5 5_ft —

and Ntcica £2,897.6. the letter reflect-
ing specuJatSva soiling pressure. TIN
closed at £7,290 foNowing a quiet
day’s trading.

Setttem't’ 320.6
U.S._£pct ^

■S JR
• ....... *£66

1-4.75

f_5

NICKEL i

i !,

1 sun. H- or

p.m.

+ or

j Official j — :

Unofficial

-t

Spot i

2860-6 !-73

2840-60 !

-BU

3 month al
1

2925-50 — 83

1

3016-20 -80.5

1

wheat traded unsteadily which brought
about o lock ol interest. New crops
continued firm with good general
interest, Acli reports.

* Cents per pound, t MS per kilo.
t On previous official close.

COPPER

JLm.

Official

i+ort p.m. l+or
• - [Unofficial, ~t

ft

1 *

ft

*

Cash

5 mtha
Setttem’t

Cathodes

C**h„

3 months
Settle m't
U.S. Prod.

B68.5-9I+ 1.5|
B98-.5 l-r.5
869 j+JJ

863.5-4^+2
892-3 I+.75
864.5|+1.5

£67.6-8.5 — 5Ji
8973-8 j-5.5

86I-J6 j-5J5
891-J5 |-4ja

•78-9 !

Lead — Morning: Cash £320X0; three
months £337.00. 38 50. 35.50. 35 00.
34.00. 33.50. Kerb; Three months
£333.50, 33.00. 32.90. Ahoraoan: Three
months £332.50. 33. CO, 32.55. 22CD.
Kerb: Three months £33.00. 33.50. Turn-
avor 9.800 tonnes.

SILVER

ZINC

i run.
t Official

+ or p.m. 3- or
: - -Unofficial 1 —t

Amofgsmated Metal Trad eg reported
that in the morning case highor grace
traded at £888.50: three months £900.00.

339.50. 99.00. 99.5a 96.CC. 98.50. 99.00, ”
93-50, 98.00. 98.90. Standard: Cathodes,
cash £884.00. Kerb; Higher Grade,
three months £898. CO. 97.50. 97.00.

98.50. Afternoon: Highlor Grade, three
months £899.50, 99.00, 23-50. 53.00.

97.50. 98.00, 97.50. Cathodes: Three

months £891.00. Kerb: Higher Grade,
three months £897.50, 97.00, 97.50.
Turnover: 21. SCO tonnes.

l+or

• £ . £ , £ j £

Cash- 41B-.5 -4 : 416-7 -5J5

3 months; 483.5 -4JS' 421.5-2 -5J5

S'ment...i 418.5 .—4 ; — |

Prlmwls i _ — *35 ; -_.

ZINC— Morning: Cosh £418.50. 18.00;
three months £425.00. 34.00. 23.50.
23.(53 23.50. Kerb; Throe months

£422.5 0. 23.00. 23.25. 23 00. 22.50.
Afternoon: Threa months C 423 330. 22.00,
21.50. Kerb; Three months £422.00.
21.50. 22.00, 23.00. Turnover: 11,950
tonnes.

Silver wee llxod 5.5p an ounce
lower lor spot dolivory in the London
bullion market yesterday el 373. Ip.
U.S. cent equivalents of the fixing
levels were; spot 680e. down 2c;
three -month 705.3c, down 1.9c; six-
momh 730c, down 3.25c: and 12-
month 780.4c. down 5,tc. The morel
oooned at 371-3?4p (678-6B2c) end
closed at 375-378p (6®-686c).

LME— Turnover 136 [89J lots of

10.000 oz. Morning: Three months
388.1. 86.3. 86.0. 85.7. Kerb: Throe
months 385.5, B5.D, 84.0. Afternoon:
Throe months 389.0. 88,0. Kerb: Three
months 388.5.

WHEAT

BARLEY

lYestord'ys

■for

Yest'rd'ya

+or

Mirth

close

close

May..

120.45

-o.sn

113.70

July —

12Z.B5

-0.45

8a pt

108.70

+ 0.15

104.65

+OJ5

Nov-.

112.50

+ 0.ZD

108.50

+O.S5

Jan...

116.55

+0.16

112.40

+0.25

Mar-

120.06

+0.D6

115.65

+0.20

done (U.S. S per tonne): June 504.50-
06. CO, 505.00; Aug 506.5WJ7.00, 508.50-
06.00: Oct 508.0-08.50, 510.00-08.00;
Dec 511.00-11.50. S13.00-10.00; Feb

516.50-17.00, 619.50: April 519.00-20.00,
untraded. Turnover: 117 (140) lots ot
25 tonnes.

PRICE CHANGES

In tonnes unless otherwise stated.

GOLD MARKETS

Gold showed little change in and closed at $334335, compared
fairly quiet London bullion trad- with S33SJ-339.

-- COTTON

TIN

p.m.

a m. j+or ■

Officii] - lUnofflcIal

High Grade £ *

Ca sh 17115-20 | — 30

3 months 7300-16 ;— 1J[
Settlem'tj 7120 1-30

£

7105-10

£

r- 37.6

7290-5 (-30

Standard

7115-20 ) — 30 ! 7105-10

-B7.5

7290-5 | — 3S J 7290-6-

r“

Setzlami

7120 '-SO | —

Straits E.

29.40 1 - 1

—

NewYork

— 1 1

Alumlnm |

a.m.

!+ or! p.m.

Lfor

1

Official

! — {UnofTlciali

— T

;

£

£ J £

£

Spot )

545.5

'-5.76 54A.5-5.5

-5JS

3 months.

S67-.5

S67-.5

-5J2S

SILVER

P« r

troy oz.

Bullion

fixing

prica

+ on UM.E.

— ,P- m -
1 Unofflc 1

+or

Spot

3 months.
6 month*.
lZmonths

375. lOp
385.30p
397. SOp

422.65p

-S.Bfl 376.00c
+B.ra 384£5p

-bIo| -

-S.7S

-4.D0

COCOA

Business don^— Wheat: May 122.35-
180.33, July 124.2S-123.90. Sept 1C84B-
108.55, Nov 112.50-112.30. Jen no
trades. Mar 120.00 only Sotos: 167
lots of 100 tonnes. Barley: May no
trades. Sept 1C4.fiC-104.25. Nw 1C8.40-
108.10. Jen 112.30-112.25, Mor 115.E5
only. Sates: 132 Kris cl ICO tonnes.

LONDON GRAINS— Wheat: U.S. Dark
Northern Spring No 1 1* par cent May
10/June 10 112.75, June 112.25, July
110.50 transhipment East Coast. English
Feed fob May 124 Boston, June 125 50.
Sept 112, Oct/Duc 116-25 so'Jers East
Coast. Maize: S. African White/
Yellow Muy/Juno 30.50 seBer. Barley:
ngfish Feed lab May 148.50, July 119.59
East Coast. Aug 1C7 saUerc East Coast.
Rut unquoted

HGCA — Locational ex-farm spot
prices. Feed bariay: S. East 111.90.
N. West 112.60. The UK Mancrary
Coefficient for the week beginning
Monday May 10 is expected to efttmuo
to 0.331.

LIVERPOOL— Spot end jshpiment sales
amounted to 40 tonnes. Stack trading
continued, there being a tendency on
rtie part or customers to operate with
considerable caution. Minor purchases
were monnened m certain American
type varieties.

! May 6

; + or ' Month

1982

1

1 ~ | ago

POTATOES

m j ar'iyiiuy uuwn in unn ifjae,

ru Corey and Harper. Closing
is: Nov 64.C3. -0.20 (high 64.E0.
64 00J; Frb 74.23. -0.20 fhipn

Futures traded within a
range, reports Gill and Duff us.

w Tin— Morning: Standard, cash £7115;
three months C7310. 7290. 730 0. Kerb:
.Standard, three months £7925. Kerb;
Standard, three months £7230, 95.

INDICES

FINANCIAL TIMES

Aluminium— Morning: Three months
£558 -CO. 67.50. 67.C0. 67.50. Kerb;
Three months £567.50. 67. CO. Afternoon:
Thros months C52S.C0. 63 W. 69.C3.
£3.50. 88.00. 67.50 Kerb: Three monws
£567.00. 66.50. 87. CO. 66.50. 66.00.
Turnover: 21.850 tonnes.

Nickel— Morning; Three months C2960,
53. 25, 30. 25. 20. 2S. Afternoon:
Threo months £330, 35. 3. 10, 15.
Kerb: Three months £2915. 10, 29C0.
2385. Turnover: 870 tonnes.

DOW JONES

— Majr jMontiii' Year
4 : ago ! ago

COCOA

Vest 'day's
Close

+ or

Business

Done

May

941 42

-10.0

948-39

July

972-73

— i;o

978-659

Sept

1003-04

—1.0

1007-967

Dec.

1042-43

+ 1.5

1044-38

1076-77

+ 3A

1077 61

May-

1094-96

+ 2.0

1193-9

July..'..,..

1113-16

+ 1.5

1115

RUBBER

The London physical market opened
slightly steadier, attracted little interest
through the day and closed very quiot.
Lewis and Paat recorded a May lob
price lor No. 1 RSS in Kuala Lumpur ol

206.5 (199 0) cents a kg and SMR 20

181 .5 (177.5).

Sales: 2.426 Iota of ID tonnes.
ICCO— Daily price for May 6; 80.04
(79.69), Indicator prico lor May 7:
79.67 (90.02).

No. 1
R.S.S.

Yeet'r'ye

cioso

Previous
close .

Business

Done

Dow i M ay
Jones ) 5

COFFEE

May 5 \ May 4 ; Month ago

Year ago

254.02 (244.79 ! 242.40 |

254.14

(Base; July 1, 1952—

MOODY'S

100).

spot ,125 Jl ,125.46 126.39! _
Futr'5 '129.53 1 13DJ20 131.06 -

A slightly lower New York close
plus steadier sterling prompted smell
initial losses, reports Drexei Burnham
Lambert. Values remained in a narrow

(Base: December 31 1974«>100)

REUTERS

May 5

May 4 (Month ago

Year ago

1000.2 .

1002^ 992.3

1073.9

May 6. 1 May 5 > M'irth ago-Yoarago

(December 31, 1931 “100)

1590.5 I 15 9 8.4 ! - I 1684.2

(Base: September 18. 1931 —100)

range but
kraaoe.

COFFEE

gradually erasei

Yesterday’s!

Close 1+ or

1 earliar

BucJnsse

Done

£ per tonnel

May

1181-85

-19.0:1200-81

July

1150-51

1157-43

Sept...^

.1114-15

+ 1.0

1120-06

NOV^

1101-03

-E.5

1105-90

January u ...

1095-00

-5.5

—

March

1085-90

-5.0

—

May

1067-90

—6.5

—

June.....i 56.50-b7.501 5G .20-58.001 -

July 57.10-57^0. BE.eO-67.Sfl -

Jly-Septi 57.4D-57.50| 57.80 3B.0C 58.00-57.50
Oat-Deal U.60-6D.70| 68.60-58.70 69.38- BH. 60
Jen- Mar] 60.40-60.50) 6D.60-60.70
Apl-
Jiy-s

Oct- Dee.

J*n-Mchl 87JHHM.M. 6B. M-6fl.10l 68.80 __

in- Marl W.4D-6B.50 Sn.bO-6D.7lll -

]| - Jne 82.30-62.50 B2.50-62.7ft

y-Sopt 64.30 64.601 B4.2D-64.E9 —

rt-Doe 06.20-66.60) 60. 10-86.301 -

Sales: 60 (264) lots of 15 tonnae.
nil (same) lots of 5 ronnes.

Physical closing priroe (buyers)
were: Spot 56.00p (seme); June S3.25p
(53.00p); July 54.00p (53.75p).

SUGAR

The market opened £1.00 lower and
thereafter was confined wittwn e
narrow range, reports C. Czamrfcaw.

Does your intelligence
need improving?

Over the last ten years, Inter Commodities’ fortnightly
Reports have become established as an authorative, widely-
read and often-quoted source of market intelligence. _
Each issue covers London and US Commodity
Markets and now incorporates a special section devoted to
currency and financial futures. _ „

Also included are specific trading recommendations
based on forecasts of likely market movements.

The reports are normally only available on subscription
-but by returning the coupon below you can sample two

issues free of charge.

Sales: 1.777 (3.230) lots of 5 tonnos.
ICO Indicator prices for May 5
(U.S. rents per pound): Comp, daily
1979 122.71 (123.15); 15-doy juerago
123.05 (123.14).

No. 4

Yesterday

Previous -

Business

Ccn-

tract

dose

close

done

£ per tonne

Aug J 124.60 -24.SB; 125.75- 25.851 127.55-23.50

Oct 12S.75-30.D0j 18UB-5 1 .Wj 132.50-28, 75

GAS OIL FUTURES

Keen U.S. commis9lon-hnu9o buying
kept the marker stoady until it coma
off on o sharply wpafcor physical
markot and optimistic news from iho
Falkiand8. A strong New York opening
steadied prices which remained lirmor
through to the cioso, roporta Premior
Man.

Turnover: 4,099
tonnes,

(3,198) lou of 100

To: Johan RjgbS Inter Cdmmodides Limited, 3 Lloyds Avenue,

London EC3N 3DS Telephone; 01-481 9827

Please send me your next two Market Reports | g .....

and details of your services to investors- I WOOL FUTURES

i

Month

Yost day b
close

+ or

Business

Done

May.

JU.S.

per tonne
291.25

1

-3.OolMfl.OO-B6.O0

June...

E83J15

-4.0b!ttUD-flU10

Jufy n

270.60

— 8.7S‘2Bi.DO-77.08

August

279.50

— 3. Gfl DW. 60-76. M

Sept.

262.60

Oct.

263.00

‘-5M 290.00-84.00

Nov—

288.50

— 4.B0

—

Dec

392.00

—4,60

—

Jan.

296,00

— 6.00|

—

March ll4Q.80-41^&;i42.4B-42.M l 14SJ5.4D,2B

May 1 144.50-45.00; 145. 60 -46.00i 144. 75-45.60

Aug — ! 1M JW 4355 150^.5UW149 J»
OoL H .„!ia4W*JJ8jlHJlMWHli -

Sales; — (5,325) lots of 50 tonnos.

Tate and Lyle delivery price for
granulated ba^ie white auger was
£374.00 (same) u tonne fob for homo
trade and E223 50 (£22.50; for export.

International Sugar Agreement (U.S.
cants per pound) fob and stowed
Caribbean pnrta. Prices lor May 5:
DaHy price 8.48 (8.25); 15-day gvorogs
8.93 (9.03).

LONDON DAILY PRICE—Rov/ sugar
£117.00 (£119 00) a tonne elf Mgy-Junc
shipment. White sugor doHy price
£144-00 (£145.00).

SOYABEAN MEAL

Tho market opened lower on com-
m is a ion house soiling, reports T. G.
Roddick. Prices remained under
pressure and with stop-loBs selling lour
in die day, closed on the lows.

Name.

Company-

ftridi ess—

1136011000 (Horae).

.(Office).

TT7-0

ImERComtODrms Limited

' ■ Helping you stay ahead :

i

i

i

i

j

SYDNEY GREASY WOOL— Close (In
order. buyer, s«*ter. business).
Australian wnt3 par kg. May 567.0,

569.0. 570.5-565.0; July 557.0, 553.0,
565.1-567.0; Oct 525.0, 525.0. 528.5-
525.0: Dec 525.0. S2E.O. 626.0; Mcr
530.0; 532.S, 533.5-530.0; Moy 534.0,

536.0. 538-0; Jtdy 543.0, 544 0, 544£.
543.0; Oct 542.0, 5425. 543.5. Sides:
246.

Yeoterdys

CIOSO

+ or

Business

Done

June...

Augusts... ..

October

Dec

Feb

£

per tonne

130.00- 15.2
1S3J8B-54.T

1 64.00- 34 J!
137.80-37,7

140.60-41,7

142.00- 46,0

-1.80
-1.95
-2.46
-2.40
—1.75
— 1.D0

736.B0-i5.2B
1SBJDJM.OO
135,00-34 ja
136,90-39.60

GRAINS

Old crop wheat opened 2Qp lower,
the mat were unchanged. Old crop

Sales: 286 (C25) lots af 100 tonnes,
SOYABEAN OIL— The market opened
$3,00 lower on lock of consumer
interest and romalnod within a narrow
range. Closing pneu and business

LONDON POTATO FUTURES— The
market reacted litt'a to ovorrugiu ram,
clos>ng slightly down m litre trade,
reports Coley
pritas:
low

74.50. low 74.00); Apnl 88 20. -0.30
(high 88.30. tew 88.00): May 93.40,
-0.10 I high 58.80, tew S3.03). Turn-
over: 173 (143) Lots of 40 wnnes.

HIDES— Manchester: second clears.
0*- 31-35.5 kg. 61. Ip a kg (62 01: 26-
3C.5 kg. P3.6p a kg (69.3); 22-25.5kg.
73.6a a kg (30.1). Light cows: 25.5kg.
71. 2p a kg withdrawn (70-2p a kg
Withdrawn) .

GRIMSBY FISH— Supply poor,
demand good. Prices at ship's side
(unprocessed) per stone: shelf cod
C6.03-ir7.C3. codings C4.40-CS.23; large
haddock £5.79- £6.40. medium £3.00-
£5.89. wmsM C3.20-C4.20; medium
p'aicf) C5.50-C7.20. best small £4.50-
C5 50; skinned dogfish (medium) £8.50;
lemon s'jrf (large) £10.03, (medium)
£9.03; lockfteh £3 .33-54 .03; -ratthe £3.20-
£3.6J.

MEAT /VEGETABLES

SMITHFI ELD— Fence per pound. Beef:
Scottish killed aides 83.3 to 87.5: Ulster
hindquarters 1CO.O to 103.0. fere-
qu oners 58.0 to 62.0: Eire hindquarters
100.0 to 104.0. foraquancra 5S.0 to 60.0.
Veal: Dutch hinds and ends 120.0 to
128-0, hinds and ends (limned supply)

127.0. Lamb: English small |new
season) 102.6 to 108-0. medium (new
season) 100.0 to 108.0. heevy (row
season) 38.0 to 100.0; imported s — Navn
Zealand PL 64.0 to 6S.0, PM 63.5 to

64.0. PX 61.0 to 62.0. YLs 61.0 to 62.0.
Hoggets: English 74.0 to 90 0. Parle:
English, under 100 lb 39.0 to 55.0,
100-120 lb 45.7 to 54.5, 120.160 lb
39.3 to 51.0.

MEAT COMMISSION— Average Fat-
5 leak prices at representative markets.
GB — Cartfo 102 Sap per kg hv (-1-2.65).
UK — Shcop 218.94p per kg est dew
(+3.33). GB— Pisa 75.83p per kg !w

( + 3.56).

COVENT GARDEN — Prices for tne bulk
of produce, in sterling per package
except where otherwise stated:
Imported Produce: Oranges— Cyprus:
15-kg Valencia Lares 3.00-5.59: Jaffa:
29-feg Stamout; 50 5.50. 60 5 70. 75
5JS9, 68 4.80. 105 4. SO, 123 4.60. 144
4.50, 168 4.50; Moroccan; tfi-fcg

Voloncia Lsto* 43/112 3 50-5 60. Topaz
—Jaffa: 53/30 4.40-6.60. Lemons—
Spama: trays 5-kg 40/50 1.40-1.83;
Jaffa: 16- kg 90/105 4 50-5.00; Outapan:
15>»-kg 8Q/12C 4-50-6.03; Italian: 100/
120 3. 50 -4. CO. Grapefruit — U.5.: 16/
17-kg, Ftor>da Rubv 7.C3-8.C0: Cyprus;
small cartons 17-kg 3.00-4.80; Jaffa;
20- kg 27 4.25. 32 4 45. 36 4.45, 40 4.65.
48 4.33, 56 4^5, 64 4.75. 76 4.50, S3

4.00. Ortaniques— Jamaican: 46/126

3.00- 5.03, Apples— French: Golden
DcU;louo S-kg 4.4O-4.80. 18-kg 0.50-
9.50; Australian: Granny Smith 11.50*
12.50; New Zealand: 18-kg Core’s
Orange P+ppma 13.00-15 00. Rad Defc-
CitHia 12.CO-12.SQ; Chilean; 18-kq
Granny Smrth 10.50-11.03; S. African:
Granny Smith 11.W-12.00. Gclden
□ciiciout 10.60-12.00. Siarkcrimaon
11 .CO-12 SO; U.S.: 18-kg Red Delicious

9.00- 13.00: Tasmanian: Cm’s Orange

Pippms 18-kg 12.C0-14.O3. Poors — S.
African: 15-kg Packham's Triumph
9.5O-1O.C0, Beurro Bose 24-lb 7.80-8.40,
Comico 34-ib 9.50-11.00; Australian;
PadthWO’s Triumph 12.00; Italian; Per
pound Passjcraasano O.M-O.iQ.
Peaches— Israeli: 18/Z7 3.80-380: U.S.:
32 15.W. Grapes— 5. Airican: Eartinka
5.30, New Cross 680-7.00: Chilean:

5-kg Thompson 7.50-8^0. Rsd Emperor

5.00. Strawberriap— Spanish; 8-ot 0.3-

0.30: Italian; 8oz 0.30; Belgian: 0.40;
U.5.: 12-ot 1.20. Mefons— Senegal;

CharanTois ?/12 7.O0-S.CO: Chilean:
15-kg Whito 5 OO-G.OO, Green 8.C0-7.50;

Guatemala; 10*kg VJhlie 4. CO-4. 50;

Coiombion: 10-kg Gratn 4^0-5.59;

Spanish; Galia 5 .00-9. CO. Watar-
Mofons — Span i sh: 16-kg 9XKh U.S.:

13.00.

Pineapples— Ivoty Coast: Each 0.40-
1.00; S. Alricsn: 5/7 4.20-4-80. Bananas
—Colombian: 40-lb boxes 9.20-9.40.
Avocados — Israeli: 3.00-3-40; S. African:

3.00- 3-50. Mongoe^— Ken y fln: 8/16 4.00-
5.00; Venezuelan: 7.00; Mexican: 6.00;

Metals I ; ,

Aluminium £810|B15' £B10rB1B

Free Mkt ;«985rI015 IffSaB/IOlB

Copper

Cash h grade... -£868

S mths *887.75

Cash Cathode- £86 1.25

3 mths £801.25

Gold troy oa .... S336.2B

Lead Cash £319^5

3 mtha ia32^5

Nickel ,*3974

-53 .£835.75
-5.5 £863.25
I— 3.73 £831
—4.25 £858.5
-0-25 3353
-4.75 £323.5
—5 £335.25

'*48 £3926

Free rnkt 239,260r 248I278C

Platln'mtr oz’y£260 ! _£260

Froemlct £170.90 1 £194.75

Oulckailvert ...8370.380 3376/585

Silver troy oz... 373. lOp —5.60 425.30p

3 mths. 385.3 Op -5.75 45B.10p

Tin Cash £7107.5 '-37.5I£7157J5

3 mths. [£7292.5 -30 £7378

Tungsten22.DlbS105.98 i 13120.52

WolfrmZ2.4l0bs:»106/110 [ iS1D3/1Qfl

Zinc Cash £416.5 -5£5 £403.5

3 mths £421.75 :-5.75'£409

Producers. ...'S860r900,_ : 8801/900

oils i ; i

Coconut (Phil) SSOOu ,+6 8525

Groundnut 8680y [8655

Linseed Crude Z ! ;

Palm Malayan 8512.5v 1+5 jS512,5
Seeds ; i '

Copra Ph lip .. '8340 • 5340

Soyabean (U JB.),5274.5 L S272£5

Grains j I

Barley Fut. Sep £104.65 ! + 0.!S £103.45

Maize ) ; • £135.5

Wheat FuU uly '£12 3.95 -0.45 £121.05
No£HardWint; : i j ;

Other I

commodities' ' |

Cocoa ahip't* £993 L-l £973
Future July]£Q72M j— 1 £952

Coffee Ft' July '£1150.5 ; £1186.5

Cotton A.lndex'76.55c ! +0.1 71.15c
Gas Oil June -../S283.23 j-4JB'S273

Rubber (kilc;...i56p j i53p

Sugar (Raw).... £117u —2 <£148

Woolt’ps Ms W.i401p kilo)— 1 !3a3pkiIo

t Unquoted, x May. vJune. y April-
May. u May-June. t Por 75-lb flask.

* Ghana cocoa, n Nominal. § Sellar.

ing yesterday. It fell 51 to close
at $3355-3362, after opening at
S33rJ-3351. The metal was fixed
at $335.25 in the morning, and
S334.50 in the afternoon, falling
to a low of $3322-3331, and touch-
ing a peak of $336-336?.

In Paris the 12J kilo gold "bar
was fixed' at FFr 65,750 per fciin
(340.07 per ounce) in the after-
noon, compared with FFr 66,000
($340.99) in the morning, and
FFr 67 *50 (S345.02) Wednesday
afternoon.

In Frankfurt the 124 kilo bar
was fixed at DM 25.010 per kilo
($336.98 per ounce), against
DM 25,680 (S343.99) previously.

In Luxembourg the 12? kilo
bar was fixed at the erjui valent of
$334.50 per ounce.

In Zurich gold finished at $333-
$336.

LONDON FUTURES

Month

lYast'rdayV -for |
cJose : — ,

Business

Done

I £ per troy |

I ounce 1 I

August-. > lB9.90-D.10|-2.3fla> 19C.5D-4B.1S
Sept’mb'r! 191.50 2.00 -2.550' -

October.. I f95J0-3.65'-2.i575. 193.40.2.70
November! 135.2Q-5.no -2.775 195.40
Turnover: l,*5S
troy ounces.

(1.158) lots til 100

May 6

May 5

Gold Bullion (fine ounce)

Close. 556^ i£l841n.lS51 [S336-537

C£lB3ia 184} [8344-344 3 4
(£184.305 1 8341.75

|£165.519) 15358.40

Opening !8334^-335>e

Morning Fixing >0555.25
Afternoon fixing '5334.50

Gold Coins

Krugerrand |

S346-34SJ;

1*2 K rug orrand... !S 17814 179U
1*4 KrUBcrrand~.|S90-j 91S»
1*10 Krugerrand 837-38

Mapleieat_ 8345>£-34«l2

New Sovereigns.!s8H4-81^t
King Sovere'gnfl.|f94ln.95in

Victoria Sovs_ !894ls-95l._.

French 20s_ 1675)* -83 '2

ou pesos Mexico'6412-4i5i?
100 Cor. Austria 8385-33744
83U Eagles S45Q-435

(£18912-190

i£97i 4 -93l4

(£49S»-50l { i

I£20i 4 -£0S«-|

|R347U-348»4
S179-1SO
891-92
i537-38

(£1 89 >4- 18934 ) : 53463; -34734
(£44l2-443 4 ) |S82-BClj>
(£58-52 >s) iS95 12-951"
(£52-5212)- S93i2-95to

(£4014-4534 l573.7(W».D0

(£22534-82734 15413-416
(£1 7814-179 li 1 |S336-528
(23511-2381; 1,8430-435

(£ie6';-I86S4)

(£19112-192)

(£189.493)

(£187.739|

(£192 >c-193)
(£99-1001
(£5012-511
(£2011-21)
IS192-19212)
IH41 J;-53-\ll
l£513;-5234)
(£51i 4 -525,)
i£41 I 4 - 46 I 2 )
i£22 812-2 30i 2 )

(£180 1 ?- 182}

•£238-241i

AMERICAN MARKETS

Mali: 5.00. Tomatoes— Dutch: 8-kj
"A" 6.00-6^0. "C" 5.30-6.00: Gucrnwy:
Pink 8.00. Onions— Chilean; 2.5 B.2D-
6.50. Capsicums— Canary: 6-Vg Green
2.50-3.00. Rad 6.00-6.50; Dutch: 5- kg
Green 6.50, Red 9.00, Yellow 10.00,
White 10.00. Purple 10.00: Spanish:
Green 2.00-3.00. Spring Greens —
French: 27/23-lb 2.SQ-3.00. Cabbages—
Dutch: White 6.00-6.50. Red 4. 00-4. SO
English Produce: Potatoes — Per 55-lb.
White 4.80-5.30, Red 5.00-5.83. King
Edwards 4.80-5.50: per pound new 0.40.
Mushrooms— Per pound, osen 0.50-
0.60, closed 0.60-0.60. Apples— Per
pound, Brantley 0.20-0.34. Pears — Por
pound Conference Q.1E-O.20. Lettuce—
Per 12, round 0.00-1. SO. Cos 10's 2.20-
230. Webb's 12's 1.80-2.00. Onions—
Par 55-lb 4WSP mm 2.50-3.50. Spring
Onions— Per bunch 0.06-0.10. Carrots
— Per 26/28-lb 2.00-4.00. Beetroots —
Por 28-lb. round 1.00-1.20. long 1.20.
Rhubarb— Per pound, outdoor 0.03-0.14.
Lbohs — Per ID- lb 1.00-1.50. Porsnips—
Pur 35/28-lb 1 20-1. GO. Cucumbers —
Per package 220-2.40. Tomatoes— Per
pound D/E 0.35-0.60. Cauliflowers—
Por 12 Kent 3^0-5.00. Asparagus— Per
pound 0.70-1.30, Strawberries — Per
8-oz 0.80-1.00. Celery— Par 12/30 5.50-

NEW YORK, May S.
The precious metals and copper
continued under pressure an prospects
ol J Falkisnds settlement, Cocoa
rallied on arbitrage buying prompted
by strength to sterling. CoHce came
under selhng pressure from dealers.
The livestock complex was sharply
higher on a firm tone to cash. The
gram and soyabean complex was lower
on favourable planting prospects.
Heating oil rallied on a low level of
product slocks, reported Hcinold.

Potatoes (round whites) Nov 78.6
(78.3). reb 39.0 (e6.5). March 91.5.
April 103.6-103.9. Soles: IE.

Sugar— No. 11; July 8.72-8.77 f8 71),
Sopt 8.33-B.96 (a.96), Oct 9.15-9.17.
Jan 9.47. March 10.20-10.23. May 10.46,
July 10.S0, Sept 10.7S-11.00, Oct 10.80.
Sates: 5 920.

Copper— May 72.15-72.23 (72.50).
June 72 05 (73.30). July 73.57-74.10.
Sep* K.63-75.70, Dk 78.15-78.20. Jen
73.00, Mar 60.60. May 82.15. July S3.70.
Sept 85.20. Dec 87.50. Jan 83.25, Mar
83.73.

IS i Ivor — May 673.0-691.1 (696.5).
June 6S9 0 (693 4), July 6SS .0-633.9.
Sept 713.0. Dec 740.2. Jan 749.8. Mar
767.4, May 785.0, July 802.6, Sept
820.2. Dec 846.7. Jan 855.5. Mar 873 1.
Hand/ anrj Hannan bullion spot: £33.00
(£83.50).

Tin— 590.00-595.00 f5B9.00-592.00).

CHICAGO, May 6.
Lard— Chicago iooro 23.50.

Live Cattlo — June 71.32-7145 (70.32)
Aug 66 70-66.62 ( 66.05). Oct 64.40-
64.50, Doc 64.50-64.fi). Fob 64.40, Aor.l
64.25.

Live Hogs— June 60. 25- 60.42 (59.471,
July G1 .55-61.45 (60.121. Aun 60 97-
60.85. Get 53.20-53.35. Dec 58 30-08.35.
Feb 55.70, June 53.70, July 53.60.

EUROPEAN MARKETS

ROTTERDAM. May 6.
Wheat— (U.S. S per tonne); U.S. Two
Dork Hard Winter 13.5 par cent afloat
ZO-i.75. U.S. No Two Rod Winter May
1G2. U.S. No Three Amber Durum
May 183. June 184, July 184. Auj 185.
Sept 188, U.S. No Two Nomera
Spring 14 par cent May 137.50, June
184. July 183.50. Aug 183. Sep: 184.
Canadian Western Red Spring afloat
199. May 2C1.

Maize— (U.S. S per tonne): U.S. No
Three YeBtw afloat 133, May I3S. June
134. July/Sept 133. OcVDec 132.50,
Jan/Mar 141 seltere.

Soyabeans— (U.S. S per tonne): U.S.
Two Yellow GuJfporis May 2S.75.
June 283.73. July Z?3. Aug 271. Sept
271. Oat 264.50, Nov 264.50, Dec 268.50,
Jan 374, Feb Z78, Mar 281 sailers.

Soyameal— (U.S. $ per tonne):

44 per cant protein afloat 24D traded;
cfloat 240.50, April 239, May 236, Juno
234-50, May/ Sopt 235.50, Ncv/Msr 245

seflere. Poitels BrozJ alkrat 249, Aprrf
247. May 246. June 245. May/Sept
24S.50. Nov/Mar 2E3 getters.

LONDON NEW ZEALAND CROSS-
BERDS — CI050 (m order: buyer, sober,
businose). Hew Zealand cents per kg.
Mey 3SC. 3M. 370; Aug £90. 400, 402-
40. Oci 4CS, 410, 410; Dee <12, <U.
416-414; Jan 414. 41S, 41S-41C; Mar
419, 421. 424; May 427, 431. 434: Aug
433, 440. 443-442; Dc; 438. 444, 444.
Sates: 37,

PARIS. May 6.

Cocoa— (FFr per 100 kilos): May
1003-1010, July 1055-1075. Sept 1116-
1124. Dee 1160-1170, March 1195*1205.
Moy 1225-1235, July 1250-1200. Soles
at call: ml.

Sugar — (FFr per tonnel: July 1520-
1540. Aug 1531-1535, Oct 1515-1525,
Nov 1515-1525, Dac 1545-1555. March
1610-1620, Moy 1655-1660, July 1690*
1700. Solos at call; 4.

♦JWIaizo — May £71 -’4 (Z73>j). July

281 >4-231^ (232). Sept 222V 253. Dec
2a5*--£35»4. March 223'*. May 3C5V
3C3V

Pork Bellies— May 9SJ0^8.C.3 (36.55).
Julv 87.10-88.90 (K.12). Aug 84.10-

84.30. Fob 7G.C3-75.82. Mjrcn 76.60.
May 78.95. July 77.70-77 50. Aug 76.70.

tSoyabeans— May e51 ! i-S=2 (665^,).
July E61-fi59>2 (660). Aug EG2 l i -GG2\.
Sept 62V 6o3. Nov 666-665, Jan 6731*.
Match 623. May 7CS4.

!i Soyabean Meal— May £0.2 (191.6).
Jtey 189.7-189.9 1191.6). Aug 130.3.

Sept 192.0-191.8, Oct 182.0-191.8. Dec

195.1. Jan 197.0-197.2. March 201.5-

201.6. May 2C5.0-205.5.

Soyabean Oil — ^ May 19.87 119.59).
July 20.34-20.23 2(0.52). Aug 20.63.

Sept 20.63, Oct 20.80-20.85, Dec 21.18-
21.16. Jan 21 .35, March 21.63-21.70.
May 22.10-22.11.

t Wheat— May 348*4 (353). Julv 263»j-
363*. (269). Sept 379. Doc 333»4-H».
Mart h41 5-41 5h. May 421.

WINNIPEG. May B
SBartey— May 123.70 (123.60). July
125.00 (125.60). Oct 127.10. Doc 128.30.
March 130.50.

S Wheat — SCWRS 13.5 per cent pro-
tein content ci I St. Lawrence 22189.

■Gold — May 332.5 (337.0), June
224 5-230.7 (339.81. July 339.0. Aug
342.0-343.0, Oct 250.0. D« 355.0-356.0,
Feb 364.4. ApM 370.0-371.0. June 330 4.
Aug 388.6, Oct 396. 9. Dec 4C3.3. Feb

413.7.

All cents par pound ex-wa rehouse
unless oiherwrsB stand. • S per troy
ounce ? Cents per troy ounce.

Cents por 56-lb bushel. 1 Cones
per 60- lb bushjji. |; $ per short ton
r OO lb). §sCan. por metric ton.

S per 1,000 sq ft.* t Cents per
d02en. ftS pet metric ten.

WEDNESDAY'S CLOSING
PRICES

NEW YORK, May a.
tt Cocoa— May 1B32 (1630). July 1S2S
(16.26). Sept 1660. Dec 1717. Month
1775. May ISIS, July 1848. Safes:
2 , 120 .

Coffee— "C" Contract: May 139.70-
140.50 (140.76), July 124.75-1 25.40

(126.08), S»W 119.25-119.75, Dec 115.50-

116.05. March 112.00-11 3. (B, May
-111.50, July 109.00-112.00, Sent 99.00-

112.00. Sales: 1,800.

Cotton— No. 2i May 67.85 (68.00).
July 68.92-88.97 (69.14). Oct 71.45-
71.50, Dec 72.77-72.79. March 74.50,
May 75.77-76.00. Jufy 76.77-77.25. Oct
77.00-78 00. Salas: 4.750.

Orange Juiw— May 113.73 (some),
July 117.20-117.25 (117.10). Sept 130.20,
Nov 122.10*122.25, Jan 124.25. March
125.65-125.80, May 127.05-127.20. July
128.45-128.60, Sept 129.85-130.00. Srias:
200 .

CHICAGO. May 5.

Chicago I mm Gold — June 333.5-
340.0 (346.3). Sept 350 J) (357.8), Dec

361.5, March 373 J, June 339.0, Sent
297.4.

4

f

J

34

Companies and Markets

INTERNATIONAL COMPANIES and FINANCE

Financial Times Friday .May 7 :1982

Pemex to pay 171% oi
$100m Eurobond issue

BY ALAN FRIEDMAN

PEMEX. the Mexican state
energy company, is paying a
coupon of 173 per cent on its
new $100m Eurodollar bond
issue, illustrating graphically
die premium price Mexican bor-
rowers must pay these days to
attract funds.

The news of the Pemex bond,
oriced at 99.65 to yield 17.91
p?r coni. comes just 24 hours
after it was learned that Mexico
was seeking up to $2.5bn in
the international syndicated
loan market at significantly
higher interest margins than in
the past.

Mexico appears to be em-
barked upon a policy of paying
more realistic rates in its various
borrowings, for itself and for
its state agencies. The current
SlOOm bond, which has a
maturity of up to 12 years but
an initial three-year period, was
sellin? yesterday at around 98.

At this level, a discount of
slightly above 1$ per cent, the
yield would be 18.68 per cent
— around 450 basis points above
>he U.S. Treasury bond which
matures in 1985.

The Pemex bond issue Is
being managed by Citicorp.
Eondholders will have the
option every three years of
redeeming the paper, but no
coupon change is envisaged.
Thrre were reports last night
that several Eurobond houses
turned down the opportunity to
co-nanage the deal.

As the Eurodollar bond mar-
ket strengthened dramatically
yesterday ton the back of en-

couraging news from the TI.S.
about a possible budget accord),
a new floating rate note issue
was announced for Credit Com-
mercial de France (CCF).

The S12m CCF floater, lead-
managed by CCF and Credit
Suisse First Boston, bears a
spread of i per cent over the
six-month London interbank
offered rate (Libor). The
floaters mature in 14 years, but
investors will have the option
of redeeming in 1989 if they
so desire.

The FRNs are being sold with
a warrant to purchase 14J per
cent fixed-interest bonds matur-
ing in 1992. This sweetener
should help the floaters and the
package is being sold at a price
of 101*.

In the secondary market,
prices of Eurodollar bonds
gained up to ? point in active
trading. Dealers reported a very
firm undertone and said a num-
ber of new issues were waiting
in The wings.

In the Euro D-mark bond sec-
tor a DM 100m eight-year issue
is out for Escora, the South
African cleeVicity commission.
Dresdner Bank is leading the
offer, which provides a 91- per
cent counon.

The abolition of the special
Lombard rate gave rise to a
cheerful market yesterday and
prices were un at feast j point
la^t n’ehr.

Tn Switzerland, a SwFr 150m
orivat? placement is being
arranged for Spain by Citicorp
(Geneva). The five-year paper

bears a 73 per cent coupon at
par. Swiss franc foreign bond
prices were up j point and the
City of Kobe bond performed
particularly well.

In the European currency unit
(ECU)' market, a 40m ECU
bond is being launched for
Hydro-Quebec through Krediet-
bank Luxembourg. The seven-
year paper is expected to yield
13$ per cent.

From Tokyo comes word that
five major Japanese life
insurance firms have been im-
posing self-restraint on invest-
ment in foreign currency de-
nminated bonds lately, in order
t help ease the depreciation of
the yen.

Nippon Life Insurance said it
bad agreed to restrain, such
investment within 5 per cent
of its assets in April and 10 per
cent in May-June.

The Japanese Ministry of
Finance has been asking life
insurance companies to refrain
from the purchase of foreign
currency bonds, which appear
to be a major factor in the cur-
rent decline of the yen.

Slight
decline at
General
Dynamics

By David Lasceiles in New York

O A S200m eight-year bond-
pl us- warrant deal was
announced late last night for
Atlantic Richfield, the U.S.
energy group. Salomon
Brothers and CSFB are leading
the offer, which provides a 13$
per -cent coupon. Bondholders
will be entitled to use a warrant
to purchase 135 per cent paper
which matures in 1990.

Increase in
international

By Our Euromarkets Staff
THE VOLUME of funds raised
on international capital markets
in April totalled $16.5bn, well
above the average monthly
volume of Sl3.8bn registered in
the first quarter of this year,
according to the latest figures
from the Organisation for
Economic Cooperation and
Development.

The rise was due to an
increase in completions of
medium and long-term syn-
dicated loans, which were about
S4bn higher than in March at
SlO.fibn. This was largely
because of bullion dollar
financings for Mexico and
Denmark.

Opening quarter at Nova
hit by Husky Oil loss

BY ROBERT GIBBENS IN MONTREAL

NOVA CORPORATION, the
major western Canada energy
group, has reported lower first
ouarler profits, partly because
of a loss by its 6S per cent
owned Husky Oil subsidiary.

Nova, which is a major gas
transmission company in
Alberta; has interests In oil and
gas production, and petrochemi-
cals. It earned C$27.4m
(U.S.524.9ml or 17 cents a
share tn the March quarter
against C$35.6m or 26 cents a
share on revenues of CS730m
against C$600m.

Earnings from gas transmis-
sion and manufacturing in-

terests were better. Husky is
expected to make a positive con-
tribution for the foil year.

Husky Oil, which has pro-
duction operations in Can? da
and the U.S., as well as refining
and market interests in both
countries, showed a loss of
CS 10.4m against a profit of
C$24m or 30 cents a share a
year earlier. Revenues were
C$fi31m against C$347m.

The first quarter was
adversely affected by high in-
terest rates, higher federal and
provincial taxes on production,
and lower crude oil and refined
product prices in both Canada
and the U.S.

GENERAL DYNAMICS, a
leading U.S. defence contrac-
tor, yesterday announced that
its earnings in the first
quarter of this year had
declined slightly because of
the impact of the recession
on its commercial business.

Net earnings were 828.3m,
or 51 cents a share,, com-
pared with 330.8m, or 56
cents, in the first quarter of
1981. Sales were off slightly,
to 3L23bn from $L24bfl.

Mr David Lewis, the chair-
man, said the recession had
affected all of the company’s
commercial operations. He
said: - Our telecommunica-
tions, information systems
and resources lines of busi-
nes had poorer first quarters
in 1982 than in 1981, while
the earnings of the marine
and aerospace divisions were
somewhat ■better.’'

However, General Dynamics
clearly expects to benefit
strongly from the Reagan
Administration’s new empha-
sis o& defence build-up. Mr
Lewis said the company had
a large number of major
defence programmes under
way, and several sound com-
mercial operations which
would Improve when the
economy picked up. General
Dynamics’ backlog of orders
at the end of the first quarter
was a record $13bn.

Mr Lewis predicted that
1982 earnings would exceed
the 5124m earned in 1981.

Columbia down
at nine months

By Our Financial Staff

NINE-MONTH earnings at
Columbia Pictures Industries
— which is about to merge
with Coca-Cola — show a slight
fall, from S3 4.2m to $31.6m-
At share level, however, the
total shows an improvement
from $3.42 to $3.81, reflecting
the redaction of stock in issue.
Sales for the nine months are
$566m against 8497.7m.

The third quarter brought a
gain in net earnings to $8.7m
or S1.02m from $7.8m.

Columbia, whose box office
successes have included dose
Encounters of the Third Kind
and Kramer vs Kramer,
earned 544.3m in fiseal 1980-81

This announcement appears as a matter if record or.lv.

New Issue

April 20, 1982

Kingdom of Sweden
Yen Bonds of 1982— Fifth Series

20,000,000,000 Japanese Yen
8.0% Bonds Due 1992

The Nomura Securities. Co., Ltd.

Daiwa Securities Co. Ltd. The Nikko Securities Co., Ltd.

Yamaichi Securities Company,

Limited

The Nippon Kangyo Kakumaru Securities Co., Ltd.

Sanyo Securities Co., Ltd. Kokusai Securities Co., Ltd.

Dai-ichi Securities Co., Ltd.

Merrill Lynch Securities Company,

Tokyo Branch

Osakaya Securities Co., Ltd. Tokyo Securities Co., Ltd.

New Japan Securities Co., Ltd.
Wako Securities Co., Ltd.
Okasan Securities Co., Ltd.
Yamatane Securities Co., Ltd.

Bache Halsey Stuart Shields (Japan) Ltd, Smith Barney, Harris Upham International Incorporated,

Tokyo Branch

Marusan Securities Co., Ltd.

Tokyo Branch

Nichiei Securities Co., Ltd.

Toyo Securities Co., Ltd.
The Kaisei Securities Co., Ltd.

Vickers da Costa Ltd,

Tokyo Branch

The Chiyoda Securities Co., Ltd. Hinode Securities Co., Ltd.
Kbsei Securities Co., Ltd. Maruman Securities Co., Ltd
Mito Securities Co., Ltd.

The National Tabayashi Securities Co., Ltd.

Koyanagi Securities Co., Ltd
Iehiyosbi Securities Co., Ltd
Meiko Securities Co., Ltd
Naigai Securities Co., Ltd.

TakagI Securities Co., Ltd

The Toko Securities Co* Ltd. Towa Securities Co., Ltd TJtsumiya Securities Co., Ltd

Skaudinaviska Enskilda Banken Post-och Ereditbanken, PKbanken Svenska Handelsbanken

Basque Nationale de Paris Chase Manhattan Limited Credit Suisse First Boston Limited

Salomon Brothers Inc

Swiss Bank Corporation International

TintHrA

S.G. Warburg & Co. Ltd

A U.S. group is ‘selling ite way to health.’ Giles Merritt reports

Streamlined AMF divides analysts

THERE ARE times when Wall
Street’s straws in the wind blow
disconcertingly in different
directions. In the dosing. days
of last year, Standard and Poor's
(S and P), the rating agency,
announced that it was raising
its rating of AMF, the major
U.S. leisure and industrial
goods group, from its long-
standing Triple B to Single A
minus.

In the light of AMF*s appar-
ently lacklustre financial per-
formance in the first three
quarters of the year, the S and
P accolade might have seemed

puzzling, and two months later
must, have appeared downright
eccentric when AMF disclosed
a 28 per cent plunge in 19S1
net profits to $42m from $5$xn
the year before, . on sales that
had stagnated at $1.24bn, up
only 5 per cent on the group’s
1980 level of $1.18bn.

To confuse the ' picture
further, analysts at Paine
Webber had in mid-December
produced a glowing “status
report” on AMF, saying that it
should “be viewed favourably
by investors," while only a few
weeks later the group received
a thumbs-down when analysts
at Furman Selz announced its
deletion ' from their “Recom-
mended List.”

The due to all these contra-
dictory signposts lies partly in
the fact that AMF, once one of
the more acquisition-hungry
U.S. conglomerates, now des-
cribes itself as “selling its way
to health” by hiving off earlier
purchases. In contrast to the
1960s and 70s, when the rather
staid American Machine and
Foundry Corporation, dating
back to 1900, hit the acquisition
trail and breathed “synergy"
into activities as diverse as boat-
building and bowling alleys,
motorcydes and garden pro-
ducts. the emphasis lately has
been on financial retrenchment

and the pursuit of a more
coherent industrial strategy.

AMF is inning .much of its
hope for the future on the
development of its energy-
related activities. These include
such high technology services
to the oil business as pipeline
inspection, equipment and drill-
ing and seismic exploration
instruments. The contribution
of those activities towards
AMP’s net earnings has already
begun to snowball, going from
15 per cent in 1980 to 40 per
cent last year. With projections
of 20 to 30 per cent yearly
growth in turnover, their con-
tribution to AMFs sales is

York, But ft has created an
interesting division of opinion
amongst the financial analysts
as to how the new-style AMF
should be valued.

Without the tough financial
husbandry insisted on by Mr
Thomas York, AMF chairman,
which has cut the group’s out-
standing 1974 debt of $31 5m
by some $170m and rescheduled
it out of expensive short-term
borrowings, AMFs debt at
present interest rates would
have been a crushing £500m.
“ Disastrous " says Mr Sheridan.
“ We would have been another
Harvester.”

Cutting AMFs debt equity

AMFs strategy of selling off some of the less successful
acquisitions on the 1970s has found favour with Wall
Street, although stockbroking analysts are not always
in agreement on the best method for valuing prospects
at the new style group. Its strength in the energy
industry is proving a major focus of attraction

being slated to soar from $3 10m
last year to -$9 50m by 1986.

Ironically, it is AMFs grow-
ing strength in this energy
services and products sector that
has contributed to the analysts'
contradictory assessments of
the group, for with the current
oil glut, these activities have
been marked down despite their
long-term attractions.

It is, however, AMFs deter-
mined drive -to divest itself of
what Mr Edward Sheridan,
financial vice-president calls
the “doggy businesses” that
has apparently compounded
Wall Street's mixed perceptions
of the group's present value and
future prospects. That the
selling-off of peripheral or
sluggish companies has been
the saving of the company is
in little doubt at its head-
quarters in White Plains, New

ratio from over TOO to just 40
today has not only earned the
group the coveted “A" rating
from S and P. It has also helped
facilitate the group’s move into
the new energy-related fields
that McsKinsey consultants had
identified as the “core busi-
nesses” needed to balance
AMF's strength in the leisure
That new strategy was derided
in 1978/75. and looking back,
Mr York nowadays concedes
that until then, while acquisi-
tions had by the mid-70s taken
the group’s sales through the
Slbn a year barrier, AMFs
targets bad been rather
u refocussed.

The sharpening up of its new
industrial and technological
image came with its sale for
S83m last year of Hariey-
Davidson, the famous American
motorcycle -marque that had

One view is that the group’s
companies should be valued as
an aggregate, the other that
they should each be assessed in
terms of performance in their
own industrial sector. . The
former is sometimes described
as “ synergy turned inside out"
for the sum of the subsidiaries
is worth less than the parts.

To AMF, the existence of
these two schools of thought is
more than & matter of academic
interest The separate valuation
of its subsidiaries yields a $32
per- share value, and the
aggregate valuation only S22.
The major consolation, tough,
is that both “ camps "of analysts
appear to endorse the group's
overall strategy.

Earnings slip
at Overseas
Shipholding

By Our Financial Staff

OVERSEAS SHIPHOLDING,
one of the world’s largest bulk
shippers, has weathered better
than most the general weakness
of shipping markets in the first
quarter. It has been helped by
medium and short-term charter
arrangements which cover most
of its 75-ship fleet

Total net earnings of $2L7m
or 84 cents a share for the
quarter compare with S26.5m a
year ago. However, this year
includes a $3.3m once off gain on
a ship sale. 34.2m on foreign ex-
change gains against 81.8m and
$347,000 of investment tax
credits against $1.6m.

For the whole of 1981, Ship-
holding earned $SS.5m on
revenue of $363m. A major
contribution came from the
group’s 26 U.S.-based tankers
which are all under time char-
ters to Alaskan oil producers.

The directors said yesterday
that while 72 per cent of the
group’s fleet was chartered until
at least the end of this year and
over half until the end of 1983,
the number of company vessels
coming on to the voyage or
short-term markets had been in-
creasing .

FT INTERNATIONAL BOND SERVICE

The list shows the 200 latest international bond issues for which an adequate secondary market
exists. For further details of these or other bonds , see the complete list of Eurobond prices which

will be published next on Wednesday May 12.

Closing prices on May 6

12S

75

100

60

400

300

Steady growth
for Wendy’s

By Our Financial Staff

THE RATE of profits growth has
been maintained in the opening
quarter of fiscal 1982 at Wendy’s
International, the Ohio-based
hamburger chain which operates
throughout the U.S„ and also
has a modest presence in
Europe. Net earnings have
moved up from $7m to $8.1m or
32 cents for the quarter.
Revenues jumped from $97iftu
to S138.4ra.

Wendy's pushed earnings
ahead from 523.1m to 530.1m in
fiscal 1981 and Wall Street
brokers have been forecasting
earnings of around 81.80 a
share for the full 1982 year.

Of the 2,229 fast food
restaurants in the Wendy’s
system. 788 are directly owned
and these brought in nearly
90 per cent of last year’s profits.
The remaining restaurants are
franchised under the Wendy’® 1
Old Fashioned Hamburgers
name.

Further gains in sales are
expected this year, boosted by
new stores— 215 are planned for
this year— and improvement in
margins is likely because of
group plans to take into
corporate hands restaurants
formerly franchised.

SEC approves
trading link-up

By Our Financial Staff

THE SECURITIES and
Exchange Commission (SEC)
yesterday approved a pro-
gramme for the automated link-
up of a National Association of
Securities Dealers - over-the-
counter trading system and the
ihtennarket trading system, be-
guraing on May 17.

The pilot programme, which
will be itt operation for six
months, will be used for the 30
most actively trading stocks, the
SEC said.

The SEC derided to go ahead
with the link-up even though
the technical problems In-
volved have not been resolved

U.S. DOLLAR

STRAIGHTS Inured

Aetna Life T5 86/97 ... 150
Amax lot. Fin. 164 92 75

Amex O/S Fin. 142* 89 75

APS Fin. Co. US* 89 ... 75

Artnco O/S Fin. 154 88 50

ATT 144 89 400

Baker InL Fin. 0.0 92 225
Burroughs Int. Iff* 88 50

Canada ir Iff, 37 150

Can. Nat. Rail 14*, 91 100
Carolina Power Iff* 89 60

CIBC 18 87 100

Citicorp 0,S 15 84/82 100
Citicorp O/S Iff, 85/97

CNA 15?, 97

Con. Illinois 154 89 . .

□ u!ca Pwr. O/S Iff, 89
Dupont O/S 14*, 88 ...

Dupont 0,'S Cep. 0.0 90

ECSC 14V 87 50

EIB Iff, 89 150

Ekaportflnans 144 89 ... 50

Gen. Elec. Credit 0.0 92 400
Gen. Elec. Credit 0.0 93
Getty Oil Int. 14 89 ...

GMAC O/S Fin. 16 88
GMAC O/S Iff. 85/97
Gull Canada Ltd 144 92

Gulf Oil 14i. m 175

Gulf Oil Fin. 0.0 92 ... 300
Gulf Status O/S 16 90 60

Int.- Am. Dv. Bk. IP, 87 55

Japan Airlines Iff* 88 50

Japan Dev. Bk. 15L 87 50

Nat. Waat. 14>* 91 700

Hew Brunswick Iff* 89 ' 75

DKG Iff* 85/97 50

Ontario Hyd. 16 91 (N) 2C0
Pac. Gas & El. 154 89
Pac. Gas & 0. Iff, 89
J. C. Penney GL 0.0 94
Phillips Petrol 14 89 ...

Quebec Pruv. Iff* 89...

R.J. Rynlds. O/S 0.0 92
Saskatchewan 16 88

400

125

150

100

100

80

45

350

200

150

400

12S

Spam Iff. 87 100

Staiaforeian 15 s * 87

Sweden 14*, 88

Sw. E*. Cr. Iff, 84/93
Swed. Ex. Cred. Iff* 89
Swed. Ex. Cred. 0.0 94
Texas Eastern Iff* 88...
Transcanada 16 89 ...
Wells Fargo I. F. 15 B7

WMC Fin. 15V 88

World Bank Iff* 88

50

150

75

100

200

75

100

75

50

2SO

Average price changes..

Change on

Bid Offer day week Yield
1014 102 +04 +0*, 14 .37
10341034+04+1 15.54
97% 98% +0*, +0% 14.72
10341034 +04 0 16-33
101 . 1014 +04 +04 14 JO
101*, 102% +04 +04 13.78
27?, 281, + 14 +11,13.81
1043* 1044 +04 +04 14.49
1014 1014 +04 -0 s , 15.00
99*, 1004 +04 +04 14.60
1044 1054 +04 +0415.19
1034 1034 +04 0 14.86
1004 1004 +04 +04 14.73
1014 1014 +04 0 14.74
1004 101 +04 +04 15.72
1024 1034 -04 -04 15.01
1014 1014 +04 +1 15.12
1004 1014 +04 +04 14.20
354 374 0 +0413.66
994 1004 +04 +04 14.72
10141014 +04 +0415.13
984 984 +04 +04 14.83
294 304 0 +04 13.10
274 274 +04 +24 12.77
9ff, 99 +04 +04 14.29
1024 1034 +04 +04 15.17
984 994 +04 +QJ, 15.60
994 994 +04 +04 14 J1
984 99 +04 +04 14.46
284 29 +0*, +0413.53
99», 1004 +04 +04 15.99
tlOO 1004 +04 +04 14J9
1014 1024 +04 +0*, 14.72
1024 1034 +0*, +04 14.49
1004 1014 +04 +04 14.48
105 1064 +04 +04 Tv.93
984 994 +04 +04 15.88
1054 1064 +04 +04 14.78
1024 1034 +04 + 04 14.95

103 103*, +04 0 14.70

224 224 +04 +04 13.55
974 984 +04 +0*, 14.50

1004 1014 +0*4 +04 14.99
284 29** +04 +04 13.48

104 104*, +04 0 14.94
994 994 +04 +04 15.87

1004 1004 +04 +04 15.52
96 964 +0*, +0415.38

102*, 103 +04 +14 14.97
1004 1004 +04 +14 15.07
204 214 +04 +04 14.03
1034 1034 +04 +04 14.94
1014 102*, +04 -04 15.47
101*, 1014 +0*, +04 14.51
994 994 +04 +0*, 15.56
1014 1014 +0*2 +04 14.81
On day +04 on week +04

Change on

OTHER STRAIGHTS Issued Bid Offer day week Yield
Con. Pec. S. 164 89 CS 60 t984 994 0 - 0 16.61

Crd. Fonder 174 89 CS 30

Montreal 17 89 CS 50

ueb. Hydro Iff, 89 CS 50
50'

40
25
18
60
40
60

Quebec Frov. 17 88 CS
Slmpsone Iff* 89 CS
Tordam Cpn. 164 88 CS
U, Bk. Nwy. 94 90 EUA
Algemene Bk. 104 86 FI
Amina Group 124 86 FI
Amro Bank 12 8& Fl ...

Phil. Lamps 104 87 FI. 100

Pierson 104 86 Ft SO

Rkboberric 12 86 F| 50

OKB 14 86 FFr 400

Solway « C. 144 88 FFr 200

Atone. IS B5 E - 20

Beneficial 144 90 £ ID) 20

BNP 134 91 C .....

CECA 134 88 £

Fm. Er. Cred. 134 86 E
Gen. Elec. Co. 124 89 E
Hiram Walker 14** 86 E
Prhratbanken 144 88 £

Quebec 154 87 £

Reed (Nd) NV Iff* 89 £

Royal Trust co 14 56 £

SDR France 154 92 E...

Swed. Ex. Cr. 134 86 £
Eurofima 104 87 LuxFr
EIB 84 88 LuxFr 600

f9B4 994 0 0 17-38

f102 1024+04 0 16-39
1394 100 0 +04 1653

1102 1024 +04 +0416.33
1964 97 +04 0 17-62
1904 994 +04 -0416.62
894 904 0 0 11-46

10141014+04+04 8.78
1054 1054 +04 +04 10.53
1064 107 +04 +04 10.02
1004101 0 0 10JX

100*, 101 +0>a+04 9.99
106*, 1064 +0** +04 1091
914 924 0 +0417-12
92 93 -04 +0417.53

94 95 — 04 -04 163X

884 874 +04 +0417.16

F LOATI NG BATE

NOTES Spread Bid Offer C.tfte C.cpn C.jrld

Allied Iriah 5** 92 04 984 984 15/10 15.89 1583

Bank ol Montreal 54 91 04 ‘

Bk. ol Tokyo 54 91 (D) O*,

Bk. Nova Scotia 54 S3 04

BFCE 54 88 : 04

BFCE 54 87 0**

CCCE 5** 2002 04

Co-Ban Eurcfin 54 91... 04
Credit Agricole 54 97... 04
Credit Lyonnais 54 97... 04

Credit" Nar. 54 94 404

Denmark. Kngdm. of 92
Den Norske Cred. 54 93

DEUTSCHE MARK
STRAIGHTS Issued

Australia 94 91 300

Australia 94 91 200

Comp. Tel. Ebd. 10*, 92 IDO

Denmark 10 88 100

Denmark 104 92 100

EOF 94 92 100

EEC 104 93 _.... 100

EEC 94 94 200

EIB _ 94 88 60

Inter-American . 104 91 100

Ireland 104 86 100

Mexico 11 88 100

Mt. Bk. Dnmk. 104 91 100
Nacnl. Financiers 11 90 150

Nat. West. 94 92 100

New Zeeland 94 99 ... 200

OKB 94 86 150

Quebec 104 92 150

Quebec Hydro 10** 91... 150
Teuemeutobahn 94 94 50

Venezuela 114 91 100

World Bank 94 89 100

World Bank 10 91 250

9.49

9.47

9.41

9.22

9.10

Change on

Bid Offer day week Yield
1044 1054 +04 -04 8.59
1044 1054 0 0 8.57

1014 1014 +04 +04 10.24
103 1034 +04 +04 9.21
103*, 104** +04 +04
102>* 1024 +04 +04
1044 105 +04 +0*,

1034 104 +04 +04
1024 1Q34 0 0

10541064 0 +04 9.22
1024 1024 +04 0 9.40

1024 1034 -04 +04 10.27
1034 1034 -04 0 9.89

1004 1014 +04 0 10.31

1054 1064 +04 0 8.95

1044 1054 0 0 8.80

103 1034 +04 +04 9.03

1054 1064 0 — 04 9,18

1054 106*. -04 0 9.28

103 104 -04 -04 9.38
1014 1014 +04 +0*, 11.19

102*, 103 +04 +04 8.94
105*, 1064 +04 +04 9JJ4

Average price changes... On day +04 on week +04

SWISS FRANC

STRAIGHTS Issued

Ansett Transport 74 32 50

Asian Dev. Bank 8 90 80

Australia 64 93 100

Australis 64 94 100

BelgcleCtne 74 91 80

Bet. da Autopfatas 8 90 50

CFE-Moxlco 84 92 50

Co-op. Denmark 84 92 25

Crown Zallrbch. 64 92 100
Denmark 7*. Si log

EIB 7*4 92
Bet. de Frence 7 92 ...

ENEL 8 92

First City Fin. 84 92...

Manitoba 7 92

National Pwr. Co. 8 92
Nippon T. and T. 64 S2

OKB 74 92

Ost Donaukraft 7 gjj
Ost. Poatpar 74 92 ...
Philip Morris 64 92 ...

Quebec 74 92

Soc. Lux. de Cm. 84 92
Transcanada Pipe. 7 94
Voraribern" Kraft ff* 92

100

100

44

25

100

30

100

100

100

100

100

100

80

100

50

World Bank 8 91 100

Change an

Bid Offer day weak Yield
103*, 1034 +04 -04 6.97

104 1044 -1*, O

1044 104’, +04 “04
1034 104 +04 +04
102*, 1024 0 0

100*, 1004 0 -04

994 994 0 -04
1054 1054 +0», +04
1024 1024 +04 +04
WI4 1014 +04 0
1014 1024 +04 +04
1014102 +04-04
1004 1004 +04 “14
1034 1034 +04 +04
1054 1054 +04 +04
103 1034 -04 -04
103 1034 +0*i +04
1044 1044 +04 +04
103 1034 +04 -04
1034 W34 +04 +14 6.87
1034 1034 0 +04 a.15.
1044 1044 +04 “04 6.71
1044 1064 +04 -04 7.25
t1034 104 +04 +04 8J33
1024 1024 +04 +04 6.40
1064 I06*i “04 “04 7.04

7.32

6-19

6.03
7.14
7.89
8.29
7.56
6.37

7.04
6.95
6.74
7.93
7.89
6.16
7.51
6.17
7.06
6.53

Gen Finance 5** 92 04

G28 54 92 *04

lnd. Bank Japan 54 88 04
Lloyds Eurofin 54 93 ... §04

LTCB Japan 54 89 04

Midland Inr. Fin. 3 91... 04
Net. WesL Fin. 5*. 91... §04
New Zealand 54 87...... 04

Nippon Credit 54 90 ... 04
Nordic Int. Fin. 5*, 91... 04
Offshore Mining 54 91 04

PKbanken 5 91 04

Scotland Int. 54 82 04

Sec. PBCilic 5** 91 04

5nciere Generate 54 95 04
Standard Chart. 5 s * 91 0*,
Sumitomo Fin. 54 88 ... 04

Sweden 54 89 04

Toronto Damin'n 54 92 04

04*1994

04 974

884 994 29/10 154 15-28
9ff, 9ff, 10/6 734 TWO
99 994 28/10 154 - ISM

994 994 28/10 15 15.06

994100 27/7 164 1623
984 984 11/6 14.82 15JM
984 394 14/10 16 16.14

99 994 24/9 15.44 15J5 .

994 994 1/10 16 16.06

984 33V 9/6 54.69 54J9
' 994 25/3
984 4/6
994 994 30/6
984 994 8/6
994 9/5
994 29/4
994 16/7

994

984

99*,

994

994

994

994

984

984

984

984

984

994

984

15.44 15.52
13.56 1354
15*, 1556
1454 1S57
1351 13.40
17.13 1728
15.31 15*1

994 30/10 15.19 15J4
994 15/7 15.19 1524
99-4 7/10 15.66 15.0
994 10/8 1B.06 16.16

99 6/5

994 2/6
994 17/6
99 23/9
99*, 24/5
994 1/9
994 IB/5
994 100 9/8

99 99426/8

994 994 11/8

164

13

144

154

134

1592
13.13
14 JSO
1557
13J7

Average price changes... On day 0 on week 0

15J1 1541
1331 1346

16 16-W

15.31 15.C
164 J6-M

CONVERTIBLE Cnv. C nv.

BONDS date price

Ajinomoto 5** 96 .7/81 933

Bow Valley Inv. 8 95 ... 4/81 23.12
Bridgestone Tire 64 90 3/82 . 470

Canon 84 % 1/81 828

Daiwa Sacs. 54 SB 12/81 513.3

Fujitsu Fenue 44 96 10/81 5641

Furukawa Elec. 54 96... 7/81 300
Hern'on-O/S Fin. S4 9B 8/5? 1.36

Hitachi Cable 54 90. 2/82 515

Hitachi Cred. Cpn, 5 96 7/81 1612

Honda Motor 54 97. 3/82 841

.Inches pe 8 95 2/81 4.65

Kawasaki 54 SS 9/81 229

Marui 5 .98 7/81846.4.

Minolta Camara 5 96... TO/PI 826.4

Minorca 94 97 5/82 8.16

Murats 54 96 - 7/fl 2168

NKK 64 90 7/81 188

Nippon Chemi-C. S 91 ...10/81 919
Nippon Electric 54 97... 2/82 846
Orient Finance SS*97.... 3/82 1205

Sanyo. Electric 5 96 10/BI 682

Sumitomo Etae. 54 97... 3/82 577 J
Sumitomo Mat. 5*, 96... 10/BI 296.1
Swiss Bk. Cpn. 64 90... 9/80 191
Konishlroku 0 90 DM ... 2/82 585 ■
Mitsubishi H. 6 88 DM 2/82 . 263

Chg.

Bid Offer day Pram
924 934 +04 5iB
96 974 +04 58.M

914 934-04 -2-51
93 101 +24.13®
tfi6 68 +14-1.45
984 984 +04 7.71
105 1064+3 -I-**
t86 87 0 -7.50

944 96 +04 Z-S
84 86 -04 0.1*

924 934 +5 .
t62»a 64 0 21.K

734 74V+1S 3-®
10341054+24 -*■£
674 684 +1VJ8f*
t804 88 0 1«*

■64** 6&4 +1
Bff, 904 +1 , « “9-2
67 89 +*

97- 984+44
954 974 -14-1-®
744 76 +24 13-jg
934 55 +8 T * . !*£'
684 704 +1 5 *

74 - 76 O 23.®
105 106 +3 7.W

95 96 +04 12.7*

if

•l*

been one of the jewels in AMFy
leisure products range, on a par
with its Hatteras yachts, Be©
Hogan golfing equipment, Head
tennis rackets an dTyroiia sla
bindings. -But; doubts as to its
eventual fate at the hands of
Japanese competitors led AMF
to sri lthe S300m-a-year Bartey-
Davidson to a team of senior
Harley managers in what has
been seen as a milestone U.S.
management “ buy-out”

Had is not ben for AMFs
programme of sell-outs, group
sales for last year would have
beat around £2bn, and 1981
would not have seen $37.3 m-
worth of losses ascribed to dis.
continued operations. Even in
the medium-term, though, AMF
believes' such temporary set-
backs well worthwhile as it
envisages 19S4/85 turnover at ;
$3bn to $2.5bn and operating
profits at $250m, up from the
1981 pre-tax figure, of $l?5m.

On Wall Street, however,
there remains disagreement as
to how the streamlined AMF
group should be valued, and' it
is a division that seems relevant
to the other U.S. conglomerates
now seeking an industrial
rationale to their activities.

15

904

914

+ 04

+04

15.43

20

934

844

+04

+041423

19

Bff,

9ff«

+04

+04

1520

50

92

93

+04

+1

M.2&

25

964

974

+04

+04

1534

12

934

944

-04

+04

16JB

35

1004

1014

+04

+04

15JM .*

25

1014

1024

+04

+04

16.14'

12

964

974

+04

+04

14.94

30

984

984

+04

0

15.78 .

20

964

974

+04

+04W.65

500

964

974

-04

-04

11.33 . -

600

93V

344

-04

-04

11.11 ..

Awaragc pries changes... On day +04 on wuk +0*,

Change on

YEN STRAIGHTS Issued Bid Offer day week Yield
Asian Dsv. Bk. 84 91 15 1004 1014 +04 -04 8.09

Ini.-Amer. Dbv. 84 91 15 1024 KB -04 -04 '8.45

Japan Airlines 74 87... 9 974 984 +04+04 8-3S

New Zeeland 84 87 ... 15 101 102 -04 -04 8.00

World Sank 84 92 ... 20 1004 1014 +04 +04 8 -2d

Average price changes... On day +04 bn week 0

•No Inlormatlon BvallaWe— previpus day's
t Only one market maker supplied a pries.:
Straight Bonds: The yield la the yield to redemption of r ™

• . mid-priea: the amount issued is-in millions of currency.

units except lor Yen bonds : whore .it Is. in' billions^

. Change on week Change over price .a week esniari

Floating FUrte Notes: Denominated in dollars jjnless-otb*/-.
wise indicated.. Coupon shown Is minimum. C.dt0“Da»
next coupon becomes effective. Spread —Margin, above

• six-month offered rate (f three- month: S abova m*” n
rate) for U.S. dollars. C.cpn«*The current coupon'
C.yld^The current yield:

Convertible Bonds: Denominated In - dalle rs unless ■off**?
Wise Indicated. Chg. day t= Change on day. Cnv. date
Fun -date- for - conversion into shares. C nv- pric * ..
Nominal amount at bond per share expressed “
currency of share « conversion rate fixed at “***■*•
Prwn“ Percent, g a premium of the current affective Pj™: .
ol eepuiring shares, via the bond av« r moat- reef" 5 -
prico ol the stares.

v V

“ 'S.

-te . “X _ •

© The Financial Times Ud.. 1982. ^eproduetidn.rri5v*y'
on in- pan in- any --form nor permitted -without wrm*'' , J.
.consent. Data supplied by DATA3TRCAM mwmsfloiw*. ' , /,•-

v;

lV 7

Financial Times Friday May 7 1982

Companies and Markets

INTERNATIONAL COMPANIES and FINANCE

r , ' 'Ah ».

1

Aeritalia
buys
stake in
Aennacchi

By Our Rome Staff

BMW rights to raise DM 160m

BY KEVIN DONE IN FRANKFl/RT

cut in the 1SS1 divsdvcd.

,r ‘* ' ! o™?^5MaM e MmiSnw^lS 5 EMVrs Profits halt been

rr.j',,; ?*!r reatf >' co-operates closely with

■*ac tto. A nn<.ri> m ■ _

BMW. the West German maker sU-canilining production plants, from the motor industry reecs-
of high performance cars and BMW plans in to rate tho «*».

nMiffim 1 S m - capital lh«)U3h its first risflils In the home market BMW

1 1 in™/*!" m ****** sinctf l97S - The ntl>r will managed to increase its new car

* 2!^ # £*KS rf-.!LS7 teW bc ‘ a one ' for ' fivi- at DM SO a registrations by 1.5 per cent to
cut .n Jie 1SS- d:\-dtcd. share. BMW shares have been 34.544 units in the first quar-

BMWs profits hare been trading this week at about ter of 1082. Over the period,
under growing pressure in the DM 202. national new car demand fell by

last two years as it has been Mors .than 60 pe;* cent of the 7 ^ P 0 * 1 c ® n *‘
unable fully to recoup higher BMW equity is held privately as BMW car exports rose by 23
raw materials and labour costs part of the Quandt family's per cent in the quarter to 65,000
:n higher product prices. Parent industrial holdings in West GeT- units compared with a general
company after rax earnings many. The new shares will only jump in West German car
dropped by 9 per cent to DM be eligible for dividend pay- exports of 25 ocr cent.

145m for 1581. meets for half or 1582. Ustvoar proop turnover rose

’The company is also carrying Fbr 19S1, BMW has decided hy 17.6 per cent to DM 9.5bn.
the burden of an ambitions in’ ,Q cul ‘ ,s dividend to DM 9 per Car production was increased by

# ea * Mac chi ‘the leading private see- last lwo Jt ‘ ars as il ^ l**® More .than 60 pc-,* cent of the

&i : fj :q ; -tor aircraft manufacturer The ' unabie fulI >' 10 recoup higher BMW equity is held privately as

vs. " m.L* .-77* . .aBalHIUrfClUier. ine (MlB mnluri-ile *r>A linhnr MCk ni«>* ivf Man

.Jwllfd the AMX,. which is also ;
' u :‘ , 'te.-i a ?L r lo be produced by ihv Brazilian ;

..Cbnrpm Frahrapr I

The company is 3]o0 c^rryiu? For iysi, BMW has Heciiled hy 17.b per cent Tn DM 9«5bn>

the burden of an ambitions in’ ,0 cul ‘ ls * dividend to DM 9 per Car production was increased by

vestment programme running x: ■* , * nrc 10 in 1980 as a 3.1 per cent and sales by 2.9 per

about DM lbn a year world- re ‘ RU, T die sqimvo on profit cent to 348,946 units,

wide. Il is concentrating on aisrfiiM. Buoyed up by strong order

; developing export niurefcis, re- In term* of Males and prndue- books- BMW is aiming to

, . _ . - - ; - . „ — . Buoyed up by strong order

vai. .. co ^rn, Embraer. . developing export niurefcis, re- In icrms of sales and prndue- books- EMW is aiming to

a;"*: Un ‘“ ®ow. Aermacchi has ! newing its model range and." tion the group lias escaped vir* increase sales and production
w been wholly family owned. Last ; above all, on rationalwnE and maJly unscathed. however, this year by up to 5 per cent.

- c2.»ii a . . year its turnover was about

- • ** v ' L135bn, on which it made profits ; — * —

» -.. 111. Ij. '

■ - d ’ : !]?l,v> l

; ‘°a 1 *|.»

of L5bn (33.8m >. Aeritalia had - _ T

'• a. turnover of LS28bn last year j L|n or/\m «tl
'and profits of L2bn (Sl.5m). 1 PMl | 1 J

Aenlalia's move is a further
step in the gradual raUonalLsa- I *

tion of the sinicLurc of the • JAMES BUXTON IN ROME

’Italian aircraft industry. The I „ , CTri „, ...... . .

'•two main groups are Aeritalia, 1 DAaTOGI. ihe Italian mdus. ria.

Bastogi plans property transfer

loss-making

■ V %r " controlled hv the state holding ! and P- r °P erT >' ~mip. plans a re- ndianes. At a meeting in Mi
Vs, > company IRI through, its sui> i vovcr S strategy under which it on Wednesday, sharehold
• lr i5 :. holding Finmeccanica and i wouId tra tti f cr control of iis approved a L92lm bond iss

j By Our Financial Staff

a king sub- bond. The company would be j MR ULRICH SPYCHER will
ling in Milan left with its industrial holdings I next autumn be appointed presi-
shareholdcrs and 25 per cent of its real I dent of the executive Board of
bond issue estate, plus the land on which | SSLH, the Swiss watch group.

.holding Finmeccanica and i wou,d tra ns f cr control of ns approved a L92bn bond issue estate, plus the land on which | SSIH, the Swiss watch group,
Agusta. which is controlled by ; porrToho to its creditor but so far banks are not under- the real estate stands. This following the resignation of

if. _■ t — *• mivu — ■ wmi vut-u | I

-r. ■ KFIM. another state holding I ,
. V.' J company. Last year the groups capital

writing it.

There has been no more talk

would have a total book value general manager Ulrich Doenz.

Aeritalia and its subsidiaries 5 was written down by lwo thirds of new participants in the vom-
ainly concentrate on aircraft, • r° { pany ‘ Sig Santainaria said a

of nearly lAOObn.

160m j Berliner

! Bank pays

§ ! dividend

^ ! By L.siie Colitt in Bcrim

W | BERLINER BANK increased
j its balance sheet total last
■f | year by 1IL2 per cent to
[ i DM lO.lbn while producing
| net earnings of DM 17.4m
(S7.4m) compared with no
I reported profits for 198L A
i dividend of 12 per cent is to

I The city-owned bank said
M J its interest surplus was DM
raj ; 266.3m, or DM GOm more than
iSI • in 1980. It noted that ihe
Ebcrhard von Kucnheim, ; bank's considerable exp an -
BMW chairman 1 sion of intematioual lending

! was in large part the result
i of opening a London branch.

TVT^w^- i Berliner is the largest bank

J\ president In the city, in recent years it
e CCTU I has expanded into West Ger-

IOr COlO. 1 man >‘. where it bas branches

! in four cities.

By Our Financial Saff j Berliner Bank International

MR ULRICH SPYCHER will j in Luxembourg is said to
next autumn be appointed presi- have concentrated its lend-
dem of the executive Board of j ing on western countries last
SSIH. the Swiss watch group, j year because of increasing
following the resignation of j risks in Eastern Europe,
general manager Ulrich Doenz. . Loans to clients in Western
SSIH was last year rescued by Industrial countries rose to
a SwFr 30i)ra finan- “ore than two-thirds of total

trial uackane out together by lending.

| SKF margins narrow
| in first quarter

i BY WILLIAM DULLFORCE, NCR-DIC EDITOR, IN STOCKHOLM

i

SKF. the Swedish roller bear* SKr 154m recorded in thfr last
ing and engineering group, cjuarter of I9S1 and the
reports a Skr -lira decline 'in r SKr 140m of the third quarter,
earnings lo SKr ,244m ($42m) For 19SI as a whole earnings

for the first quarter of 19S2.
Sales at SKr 3.67bn were 9 per
cent ahead.

totalled SKr S05m.

' The annual report said last
month that even a limited

Margins narrowed as a result economic upturn woul d be
of a continuing weak market quickly reflected in SKFs sales
for bearings and other pre- volumes and profit levels,
cision engineered products. The squeeze on bearing
said SKF. Conditions for prices was the primary factor
special steel sales were “ not holding back earnings in the

quite as unfavourable " .as they
were last year.

first quarter. The pre-tax profit
on bearings slipped from

New president
for SSIH

Trading income dropped from SKr 247m to SKr 19Sm, from a

SKr 482m to SKr 455m and margin of 9.7 to 7.4 per cent

net financial costs were -of sa-les totalling SKr 2.5bn.
SKr 91m, compared to Steel products, on the other

SKr lQSm. The pre-tax profit, hand, turned a pre-tax loss of
struck before exchange SKr 16m in the first three

differences. corresponds to mouths of 19S1 into a SKr 26m

earnings of SKr 5.S0 a share, profit, with soles advancing
against SKr 6.10., from SKr 570m to. SKr 650m.

However, earnings of Earnings on cutting tools also

SKr 244m represent a con- climbed, by SKr 12m to

siderable recovery -from the SKr 13m.

SAS to break even

SSIH was last year rescued by

However, it is far from clear a . fwFr 30l)ra finan-

lcthcr Bastogi shareholders «al package put logethoi b>
Milri hp nrpnarprl rn mirnvp SWISS banks in the wake OF

:r Ars z « »• >»« <* •«« ***

mn.mv wm.lH Incp mnst of ! not be covered by capital

BY OUR FINANCIAL STAFF

SCANDINAVIAN AIRLINE The airline's overall load fac-
Systems (SAS), the combine tor. counting passengers and
national airline of Sweden, Den- freight, rose to 57.S per cent
mark and Norway, is confident compared to 54.8 per cent in the
of meeting profit targets for first six months of 19S0-S1. The

--Aennacchi. ~It produces a ‘jet i ond ,h?n v ? t f d . f ° r 3 subsequent portfolio, v
c. trainer aircraft called the S-2II U4bbn to return U L3a0bn.

^ which appears to be a direct I t0 Ll3S - 4bn - in!s wouia urasticaiiy reduce the L4Gbn of new capital voted

. comcetilor of the Aermacchi • S:s M 11 ^ 1 Sanfamaria. chair- the company’s short term deb:, by shareholders in March will
: MB 339. The Aeritalia takeover • man ’ * n J aauar 3' ^b.® 1 tom ' cutting debt servicing costs, be paid up. Each new share
r - does "not ana^ar likely to ' P an Y inlended to bring in new which in 1981 accounied for half would cost L350. against a clos-
assuage this rivalry. participants, raise a total of its loss. In return the banks ing price on the Milan slock

suos.amiai propeny it S C i It -d-ed a^ets Mr Spycher is at present nee-

□rt folio, valued aL about 1TS 8««*ea».ea assets. president of the executive

350b n. Nor is it known how and when Board with special responsi-

Th!s would drastically reduce the L46bn of new capital voted bility for technical activities.

j • Kauffaof, the German de-
I partment store chain, pro-
I poses an unehanged 1981 divi-
dend of D>I 6 per share.

Earnings for the parent
• rose to DM 49.6m (S21.1m)

! last year from DM 46.6m.

1981-82 fallowing a rise in pas-
senger and overall load factors
in the first six months.

As a result SAS expects to

passenger load factor climbed
to 5S.7 per cent from 55.1 per
cent

In the same period. SAS cut

break even this year, haring overall flight operations by 3
suffered a loss of SKr 100m per cent and international

($17.1m) in 1980-81.

traffic fell by 6 per cent.

the Aernvcchr "MB 339 has f L150bn m Jiew funds and d,s * underwrite the L92bn

'- l ii' t - assuage this rivalry.

Vs; -:~o: < The Aerrvechr SIB 339 has
,f »n - ,' C> .been sold to Argentina and is
'* dr,-, "jeported to have t*?en sighted
: , • - on the Falkland Islands.

In return the banks

would cost L350. against a clos-
ing price nn the Milan slock
exchange yesterday of L1G4.50.

- Dutch electrical
■ supplier sees
losses widen

Ahlsell reports lower earnings

BY OUR NORDIC EDITOR

tj • j i AHLSELL, THE Swedish whole-

IOSS 0 S WltlCn. 1 Mle group which is about to

* merge with AEG-Telefunken
By Our Financial Staff ! EiektrLska the former Swedish

LOSSES at Holec NV, the ! subsidiary of the West German
“ Dutch electrical supply com- 1 f™. u P- re P? rts , a
nanv. widened to FI 66.3m SKr 20.6ra fall in earnings to

■ . • . -w .AAA Ai. ^ • nncAc On uh!*hin<TAi« rlvri «1nni4

.Ahlsell said.

better use of capital, folio valued at SKr 69m.

specialises

sanitary

The company bas been the heating equipment and other
focus of much financial instruction materials.

interest

months.

in the past three
It first rejected a

AEG's electrical products
complement those of Ahlsell.

poses an unchanged dividend
SKr 55.7m (S9.6m) for the year
ended March, 2 19S2.

Abba pop group and its will have combined sales of

Sales* advanced by 5 per cent’ e J* r • W abWlt SKr 4bn 3 year '

to SKr 2.4bn. The board pro- * Thf e S ^ c Ahlsell has receaUy nego-

of SKr 8 a share and forecasts A r“- ,™ s w ^- , SU k “ q A U K« nt u tinted tbe purchase of Vibamij
an improvement in earninps in Ah seU Butlinger, the Dutch technical

the current year to about I0r Tne AB,U suosiuary. wholesaling company with a

SKr 90m. . . ' Ahlsell holds SKr 372ra in turnover of about FI 230m

The 1982-83 upturn will re^ cash and liquid assets following (SSS.lm) a year. Buttinger’s
suit not from any increase in the. sale of its steel stockhold- shareholders are to receive

SKr 90m. . . ' Ahlsell holds SKr 372m tn turnover of aboi

The 1982-83 upturn will re- cash and liquid assets following (SS8.1m) a year,
suit not from any increase in the. sale of its steel stockhold- shareholders are
demand but from cost cutting Ing operation and a share port- FI 23 a share.

~<S2545ml in 1981. In 1980. the **** *n unhanged dmdeml hoWing 0WMd b y ^

..loss was FI 9.7m after the com- .SRfJ**® MM*) tar the year Abba ^ group ond i{i

l p80 y had set aside nearly ^c^adSiMd^h her cent manager, and was then th(

FI 60m to reorganise and cut Sa£s advanced by jper rent ofaject of a SKr 48(>m bid bJ

- capacity in several industrial to |Kr ---bn. The bMrdprj ^ raig was subse q U entl3

^ : r 3 r divisions. - • • ff fSSm4men? Yamine ? in switched to a bid by • AhlseU

• "• ■; The company bas ^decided I St ba SSm%& 9 T a Rin for the AEG subsidiary:

:s- ■" *'^5 toSS - SKr 90ra - Ahlsell holds SKr 372ra in

: -7Tl h b „,nSr_lS iS liee Irans- Tbe 19S2 - g3 upturn will re^ cash and liquid assets following
I. rf Sj^^Scii^Thi'-foUows^e sult 1101 ixota any increase in the. sale of its steel stockhold
: > C ™rnm™t ! r toWon Mt to demand but from cost cutting lug operatiuu and a share port

V v:'- r'take a direct shareholding ini

ih* 1 division. ;

; T ' ; Holec said that the reconstruc- 1 ^ • H t

: i Fortia sales surge ah

: ';g^n e ihc“ ncertaTnUcs *STthe j BY OUB NORDIC CORRESPONDENT

; ■■ ; prpv ,-,h in electric^' FORTIA, the Swedish pherma- Last year Fortia reported eam-

••• f^SnnUon rtwsSted in 1981 wutical and biotechnology' ings of SKr 131m, up 70 per
o group, reports a 32 per cent cent on 1980.

-'nr nostDonement of investments *“■“ Sales by the Ffaarmacia corn-

takeover bid from Polar, the The new concern, from which
holding company owned by the the name AEG will be dropped,

Fortia sales surge ahead

BY OUR NORDIC CORRESPONDENT

increase in sales to SKr 424.8m

•* -• -,rop in earnings.

>•" Holec's operating result
virtually halve to FI 6.9m last
. ‘\vear from FI 12.4m in 1980.
- v ‘iiX 1 ’^-Sales rose 5.6 per cent to
... rr : 1- r,Fl 777m.

more man aouoiea, out a^. grew by 35 per i n the first
quarterly reports are introduced (inc'itr. Favourable exchange
for the first time this year, no movements, mainly the harden-

ia reported earn- starts from a relatively low
I3!m, up 70 per level, as growth was sluggish
in the first three months of
Ffaarmacia com- 1931 but picked up through the
generates three- ^st of the year Nevertheless,
group Turnover Mr Wcwman predicts that sales
- pent in the first volume will continue to develop

craaner. i* avourame exenang? Last year Fortia generated
shown movements mainly the harden- SKr 427 n , in new capital

figure is sho%m. ing of vhe do JV-r. .accounted for lhroU j, h stock issues, l>ecoming

Mr Gunnar Wessman, rnanag- points of the increase. ihe first Swedish company lo

ing director, said a strong Mr Wessra-an urged caution issue shares in the U.S. Its
improvement in earnings would in drawing conclusions from the debt-to-equiiy ratio improved

1 poin^ o» liie increase. iho first Swedish company lo

Mr Wessra-an urged caution issue shares in the U.S. Its

i be realised for 19S2 as a whole. sjIl-s advance^ The comparison from 2.0 to 0.9.

This advertisement complies with the requirements of the Council of The Stock Exchange.
It does not constitute an offer of, or invitation, to subscribe for or purchase, any securities.

U.S. $50,000,000

Beneficial Overseas Finance N.V.

I Incorporated in the Netherlands Antilles)

l#h% NOTES DUE MAX' 15, 1987
With Warrants to Purchase U.S.$100, 000,000
14%% NOTES DUE MAY 15, 1992

Botk unconditionally Guaranteed by

BENEFICIAL CORPORATION

(Incorporated in Delaware, United States of America)

The syndicate managed by the following have agreed to purchase the Notes:
MORGAN STANLEY INTERNATIONA L

BANQUENATIONilE DE PARIS BIAYH KASTMAN PMN^^BmiNTEmmONAL

COMMERZBANKAKrm'GSSELtf CREDIT SUIS^EFmST BOSTON

DEUTSCHE BANK AKTIENGESELLSCSAFT DGBANK Deutsche Gewmenschafhhank

MERRILL IfflCUINTEKNATlONAL&CO. MORGAN GUARANTY UD

SAWMOmROTHERSmERNmONAL SWISSBANKCORPO^WN INTERNATIONAL

UNION BANK OF SWITZERLAND (SECURITIES) S - G - WARBURG & CO. LTD.

limited

Note and of the Global Warrant Inlerestis payable annually in arrears on May 15, commencing on May 15, 1983.
to the issue:

Ctcenore & Co.,

12, Tokenhouse Yard,

Maim

London. EC 2 R TAN

This advertisement complies with the requirements of the Council of The Stock Exchange.

U.S. $200,000,000
Dn Pont Overseas Capital N.V.

(Incorporated with limited liability in the Netherlands Antilles)

Guaranteed Retractable Notes Due 1997

Unconditionally; guaranteed as to payment of
principal and interest by

E. I. du Pont de Nemours and Company

(Incorporated in Delaware)

ThefoIIowing have agreed to subscribe or procure subscribers for the Notes:

Credit Suisse First Boston limited

Algemene Bank Nederland N.V. Banque Bruxelles Lambert SjL

Credit Lyonnais Deutsche Bank Aktiengesellschaft

Morgan Guaranty Ltd Morgan Stanley International

Salomon Brothers International J. Henry Schroder Wagg & Co. Limited

Societe Generate de Banque S.A. Swiss Bank Corporation International Limited

Union Bank of Switzerland (Securities) Limited

The issue price of the Notes is 100 per cent. The Notes have been admitted to the Official List by the Council of
The Stock Exchange, subject only to the issue of the Notes.

Interest is payable annually in arrears on 15th May, the first payment being made on 15th May, 19S3. The Notes
are redeemable at the option of the holder on 15th May, 1987 and on I5th May in any subsequent year correspond-
ing to the end of an interest period as of which dates the rate of interest may be adjusted. The rate of interest on
the Notes for the interest period ending 15th May, 1987 will be 13?*% per annum.

Full particulars of the Notes are available in the Ex tel Statistical Service and may be obtained during usual
business hours up to and including 21st May, 1982 from the brokers to tbe issue :

Cazenove & Co.,

12 Tokenhouse Yard,

London EC2R7AN

7th May, 19S2

Bank of Seoul &

Trust Company

US $30,000,000

Negotiable Floating Rate Non-London
U.S. Dollar Certificates of Deposit due 1986

For Ihe six months

10th May. 1982 lo 10th November, 1932

In accordance with Ihe provisions of Ihe Certificates,
notice is hereby given that the rate of interest has
been fixed at 15 per cent, per annum, and that Ihe
interest payable on the relevant interest payment
dale. 10th November, 1982 against each Certificate
will be US SI 9. 166.67.

Agent Bank

Bank of America International Limited

(A private banking institution incorporated ■
in the United Mexican States with limited liability}

U.S. $60,000,000

Subordinated Floating Rate Notes
duedS86-199Q

Notice is hereby given pursuant to the Terms and
Conditions of the -Notes that for the Initial -six month
Interest Period, May 6, 1 982 to November 8, 1 982 the
Notes will carry an interest rate -ofl 5%e% per annum. On
Novembers, 1982 interest 0TUSS395.57 will be due per
US$5,000 Note against Coupon Nol 1.

Agent Bank

ORION ROYAL BANK- LIMITED

CREDIT COMMERCIAL DE FRANCE
U.S. $45,000,000 Floating Rate
Notes 1978-1985

For the six months
6th May 1982 toSth November 1982
the Notes will carry an interest rate
of 1 5 5 /ie% per annum.

listed on the Luxembourg Stock Exchange.

By: Bankers Trust Company, London
Agent Bank

U.S. $30000,000 - . ..

Alcoa of Australia Limited

.. 1 3 i°/o.Bonds.Due , 1991

NOTICE IS HEREBY GIVEN that persuant to the terms
of the Purchase Agency Agreement Alcoa of Australia
Limited has puichasfcd JUSSl I 657 t '000iggregate principal
amount of the Bonds during ihe twelve month period
ending on. 15th April, 1982 in satisfaction of its Purchase
Fund obligations. The principal amount outstaadmerat the
end of such period was US 528,343,000.

Credit Suisse First Boston Limited
Purchase Agent

36

March 23, 1982

U.S. $1,250,000,000

Eraring Power Company
of New South Wales Limited

15 Year Eurocurrency Loan

Secured by a Power Supply Agreement with

The Electricity Commission
of New South Wales

Arranged By

Salomon Brothers Inc

Bank of New South Wales

Bank of New South Wales
Chase Merchant Banking Group

Lead Managers

. Bank of Montreal
IBJ International Limited

Barclays Bank Group
Union Bank of Switzerland

Australian Managers

State Bank of New South Wales
Australia and New Zealand Banking Group Limited
The Commercial Banking Company of Sydney Limited

Commonwealth Trading Bank of Australia
The National Bank of Australasia Limited

Managers

The Bank of Tokyo, Ltd. Chemical Bank International Group CISC Limited Citicorp International Group
Dresdner (South East Asia) Limited The Fuji Bank, Limited Gulf International Bank B.S.C. LBI Australia Limited
National Westminster Bank Group The Sanwa Bank, Limited Societe Generate Toronto Dominion international Bank Limited

Also Provided By

Amsterdam-Rotterdam Bank N.V. Banque de rindochine et de Suez Dai-lchi Kangyo Finance (Hong Kong) Limited
The Development Bank of Singapore Limited Irving Trust Company Mellon Bank

The Mitsubishi Bank, Limited The Rural and Industries Bank of Western Australia

Sumitomo International Finance A.G.
Williams & Glyn’s Bank pic

Society Financiere Europeenne Finance Company N.Y.

SFE Group

Taiyo Kobe Finance, Hongkong Limited The Tokai Bank, Limited

Agent

11 # Bank of New South Wales

March 23, 1982

Aus. $203,000,000

Placement of Partnership Interests in

Eraring Power Station

Privately Arranged by

Salomon Brothers Inc

Bank of New South Wales

Australian Industry Development Corporation

Salomon Brothers Inc acted as financial advisor to The Electricity Commission of New South Vfeles.
State Bank of New South Wales acted as financial advisor to the Government of New South Wales.

Financial Times Friday May. 7 1982

INTL. COMPANIES

MUI bank deals

to cost $ 180 m

BY WONG SUUONG IN KUALA LUMPUR

MALAYAN UNITED Industries
(HUI), the diversified group
and leading high-flier of the
1981 -share boom, has confirmed
that, it wiH acquire majority
control of two Malaysian banks
at a cost of. 418m ringgit
.(US$l89m).

HUI said it would take up
63.3 per cent of Development
■and Commercial Bank and 50.32
per cent of Kwong Lee Bank
through share exchanges. For
this purpose, the one ringgit
MUI shares have been valued
at 4 ringgit each, against 8.5
ringgit for D and C shares and
12 ringgit f or Kwong Lee shares.

The company will issue 80.7m
new shares for the 37.98m D
and C Bank shares to be
acquired, and 22.64m shares for
7.54m Kwong Lee shares.

. In a statement to .the Kuala
Lumpur and Singapore stock
exchanges, MUI said it intended
to merge the two banks at a
later stage, making the new
bank one of the largest m the
country.

Of 'the D and C Bank shares
19.5m are held: by Senator Alex
Lee and 18.4Sm by Datuk Syed
Kechik. The Kwong Lee shares
are held by Cfaintamani Berhad
Lubur Management, and Muar
Management, which are con-
trolled by Chinese businessmen
in Sarawak and Johore. :

Senator Lee Is the son of Tan
H. S. Lee, founder of D. and G.
Bank and Malaysia’s first
Finance Minister, while Datuk
Syed Kechik is probably the
richest Bumiputra (indigenous
Malay) in Malaysia. Both are
known to be dose to Dr
Mahathir, the Prime Minister.

MUI said it also intends to
divest Its 24 per cent stake,
amounting to 4.6m shares, in
Southern Banking, to parties
approved by the Malaysian
authorities. The sale is likely
to raise more than 100m ringgit.

. D. and C. Bank, which is the
sixth -largest of the 17 Malay-
sian incorporated banks, has a
paid-up capital of 60m ringgit.

and 21 branches. Its pre-tax
profits for 1981 came to 18m
ringgit Total assets stood at
LSbn ringgit at end 1981, and
deposits at 1.3flbn ringgit

'Kwong Lee Bank, ranked
13th' in Malaysia, has a paid-up
capital of 15m ringgit and 12
branches. Its 1981 pre-tax pro-
fit was 4.4m ringgit Assets
stood at 467m ringgit at the
year-end and deposits at 348m
ringgit

..On completion of the take-
over. Datuk Syed Kechik and

RECENT GROWTH AT MOT

Dec. Dec
19&1 1980

Ringgit Ringgit

m

m

Gross revenue

383

272

Pre-tax profits

99

22

Net profit

45.7

12

Dividends

7 A

2.7

Paid up capital

296

64

Shareholders’ funds

44S

94

Total assets

850

330

Senator Lee will join the MUI
board which is headed by Datuk
Khoo Kay Peng.

After the bank deals, MUI's
paid-up ' capital would be
increased to nearly 400m ring-
git Only the Overseas Chinese
Banking Corporation, with a
paid-up capital of S$429m, will '
he bigger than the enlarged
MUI on the exchanges.

The MUI statement said the ,
merger of three established ;
groups would create the neces- ;
sary entreprenuerial strength, ;
the financial resources, and the
contacts, to enable the new '
group to take advantage of the
growth of the Malaysian and
Singapore economies end to
expand.

In the past month, MUI has
been the most actively traded
stock in Malaysia and Singa-
pore. Its shares rose from
3.7 ringgit to 4.4 ringgit in
Malaysia at the close yesterday.

Thai finance groups likely
to miss equity deadline

BY JONATHAN SHARP IN BANGKOK.

•SCORES of Thai finance com-
panies are theoretically in
danger of prosecution for fail-
ing to comply with a law re-
quiring them to diversify their
ownership.

A 1979 divestiture law, aimed
at preventing the concentration
of financial power among major
families, requires that by this
Saturday the country's 112
finance companies should each
have at least 50 small share-
holders who together should
own a minimum of 25 per cent
of the equity.

Fewer than half the com-
panies are expected to meet the
deadline. Those who do not are
technically liable- to maximnm
fines of 100,000 baht ($4,300)
plus 3,000 baht for each day of
violation.

The Thai Government has not
said what action, if any, it will
take. Most analysts believe that
the authorities, recognising the
present difficulties of the finan-

cial industry, will not adhere
strictly to the letter of the law.

Many of the finance com-
panies, which take deposits and
lend at higher interest rates
than, commercial' banks, have
fallen - on hard times.

They claim they are unable
to diversify ownership because
few people are interested in
buying their shares, given the
depressed state of the stock
market. Thus they have been
pressing fOr an extension to the
deadline and are likely to get
one in some form.

However the Government is
unwilling to abandon its divesti-
ture strategy. A second stage
of diversification is due by May
1984, when companies should
each have at least 75 small
shareholders owning 40 per
cent or more of the shares.
Finally, by May 1986, companies
should have 100 or more small
shareholders with a mini mum
of 50 per cent

Tiger Oats increases
earnings and dividends

BY THOMAS SPARKS IN JOHANNESBURG

TIGER OATS, the major South
African food group, which is
to merge with the sugar inter-
ests of the diversified C. G.
Smith, holding company, and
thus come under the indirect
control of Barlow Rand, in-
creased pre-tax profit to
RIOfi.lm ($100 An) for the 14
months ended February com-
pared. with R73m for the pre-
vious 12 months. Turnover for
the 14 months was RL63bn
against Rl.lSbn for 1980.

The company gives no fore-
cast for the full current year,
but believes growth will be rea-
sonable in the first half.

The dividend total for the 14
months is 119 cents from earn-
ings of 463.6 cents a share. In

the year 1980, earnings were
324 cents a share, and dividends
of 83 cents were declared.

• Associated Furniture Com-
panies (Afcol), the furniture
manufacturer 58 per cent owned
by South African Breweries,
lifted turnover by 14.5 per cent
to R222m in the year to March
but operating profit rose by
only 5.3 per cent to R31.4m.

The company says there has
been considerable de-stocking
by retailers since the end of
December in response to higher
finance costs and in anticipation
of substantially lower sales.

The dividend total has been
increased to 66.5 cents from 61
cents. Earnings were 132.5 cents
per share against 121.2 cents.

AIRBUS and BNP

BANQUE NATIONALE DE PARIS acting as Agent Bank,
signed on April 16, 1982 a US$84,800,006 Export Credit
Agreement with P. T. GARUDA INDONESIAN AIRWAYS,
the state-owned Indonesian Airline, to finance the purchase
of three AIRBUS A30Q B4 aircraft

BANQUE NATIONALE DE PARIS is acting- in this trans-
action as lead manager of the' French portion of the Export
Credit (with the parti cipation of BANQUE FRANCHISE DU
COMMERCE EXTERIEUB), the German portion being led
by DRESDNER BANK. AG and the British portion by.
MIDLAND BANK pie.

The Export Credit is complemented by a US$74,590,000 Euro-.
credrt managed by the CHASE MERCHANT BANKING
GROUP, BANQUE NATIONALE DE PARIS and MITSUI
FINANCE ASIA LIMITED, co-lead Managers <jf the facility.
The co-ordination of- this operation has been the respon-
sibility of the CHASE MERCHANT- BANKING GROUP-

Over the past ten months, BANQUE NATIONALE DE
PARIS has signed two. other similar contracts, the first one
as agent and lead manager of the French portion of the
Export Credit with TUNIS AIR and the other, as lead
manager of the French portion of the Export-Credit- with
AUSTRIAN AIRLINES.

\

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v\hS{

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"e:. >li£l,

i; W

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SSSlf.,’

' profits *

p spiral b
>c,d Pr; . , *S

KlOte S

■j,r u . ^

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..' •''•• ^nt*.

' ■ .. ■-■ J Pll£l

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*?r* ^sj:

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:-id!a- j,".: *

}•• 554." :■

" ; ” * i !

Financial Times Friday May 7 I9S2

S££u INTL.. COMPANIES & FINANCE

A new investment bank in Bahrain aims to widen the
provision of financial services in the area

seeks out gap

BY MARY RUNGS IN BAHRAIN

GULF CITIZENS at iars*e have
until Monday to apply in Bah-
rain for shares in the newly
formed Arabian Investment

Corporation (Invest corp), an

offshore company.

Investcorp. which aims at fil-
ling a gap in the provision of
investment services in the area,
is offering the public 104m
shares of 25 U.S. cents nominal
value each, at par, or $26m in
total, out of an initial issued
capita] of S200m. The authorised
capital is $5Q0m.

The company, which has been
granted an investment banking
licence (IBL) by the Bahrain
Monetary Agency, is the fourth
offshore company to come 10
the market in Bahrain this year.

It will also be the last, since
the BMA has imposed a mora-
torium an further public share
floats for new banks and invest-
ment companies in 1982, in
order to curb speculation.

The intense interest in the
S26m public offering almost
guarantees a rapid increase xc
the market value of the shares.
But although the temptation to
sell out for a quick profit may
be strong. Nemir Kirdar, the
former Chase Manhattan banker
who has been instrumental in
selling up the company, has
been advising Investcorp’s
founding shareholders: “ Hold
at least half of these shares as
a long-term investment. This is
not a speculative company. It
is going to add a new dimen-
sion to Gulf banking in terms
of placing power and expertise.”

Kirdar is working on the
prospect of billions of dollars
of surplus, investable funds
being generated over ihe next
few years in the region by
public and private financial
institutions and individuals —
on the development of commer-
cial banking so far having out-
stripped . professional invest-
ment services. Investcorp has
been designed to meet what he
sees as a growing market need.

Unlike most of the Arab
banks and financial companies
to emerge over the last five
years. Investcorp is funded
neither by governments nor by'
a small controlling group of
shareholders. It would have
ben easy to raise $200m from
a handful of big names in Saudi
Arabia or Kuwait But instead,
the 5159m in founders’ capita]
has .been drawn from . 335 cor-
porate and individual investors
spread throughout the region.
This ownership base is intended

to give the company breadth
of placing power.

The major shareholders, in-
cluding nine commercial banks,
have equal equity stakes, of
$im each. No one lias more
than a £ per cent interest in
the company, while 20 per cent
of the capital has been con-
tributed in amounts between
$50,000 and $500,000. Geo-
graphically. Saudi Arabia
accounts for $4um, Bahrain for
$3 8m, UAE SlSm, Qua tar 5 12m,
Oman. S7m. and investors from
other Arab slam SlSm.

Kirdar, ;he co-ordinator for

the project, spent a year making

Yamani. the Saudi Arabian Qil
Minister.

Investcorp is capitalised with
a view to its participating in
investments and engaging in
foreign exchange business on
its own account, as well as on
behalf of clients. Internation-
ally, its activities will include
direct investment in companies
and real estate, portfolio in-
vestment in shares, bonds,
options, precious ipetals and
commodities, and the manage-
ment of real estate holdings.

ft also aims to offer a broad

range of regional investment

WP*rn.

a* / i 1

f-yz-tc-

Abdul rah man a! Aleeqi (left), the former Kuwait Finance
Minister, and Shafk Yamani, the Saudi Arabian OH Minister
(right), are among some 335 corporate and individual
investors spread throughout the Gulf region putting up the
founders* capital of 3159m. out of an initial issued capital
. of S200m

a strategic marketing study to
make a choice of shareholders
to be Invited to rake part. The
list is' impressive, including
members of the ruling families
in each Gulf stale, banks, in-
vestment and trading com-
panies. leading merchants and
businessmen, and prominent
figures in finance, such as
Shaikh Suroor bin Mohammed
ol Xahaynn, the chairman of the
UAE centra] bank: Abdul rah-
man al Ateeqi, the former
Kuawaili Finance Minister: and
Saecd Ghobash. the UAE Plan-
ning Minister and new presi-
dent of the Arab Monetary
Fund (AMF). Among the other
founders are government in-
dustrial Ministers, such as
Yousuf Shirawi in Bahrain, Dr
Mena Saecd al Oteiba in the
UAE. and Shaikh Ahmed Zaki

banking services, such as capital
raising for Gulf companies, mer-
gers and acquisitions, financial
and advisory services and Invest-
ment in Gulf shares and real
estate. It is empowered to act
as a holding company both in
Bahrain 3nd outside in order to
promote, establish, acquire or
participate in other companies
or investment funds.

Some $15m of the issued
capital is to be held in the
bank’s treasury for future pur-
chase by employees under a
performance incentive scheme.

It is -hoped that the prospect
of becoming partners in the
company will attract high-calibre
professional staff and encourage
them to stay on. The inter-
national investment staff will
be based in. London rather
than in the Gulf, thus

NEW ISSUE

These Notes kavlagbeen sold, this amwwraement
appears as a matter of record only.

Campbell Soup Overseas Finance N.Y.

(Incorporated in the Netherlands Antilles)

overcoming one of the
major problems faced by Middle
East financial institutions, in
persuading senior executives to
. move to the area.

Nemir Kirdar, an Iraqi,
studied in the U.S. and worked
for Chase from 1974 until
January this year. In 1976, he
established the bank's office in
Abu Dhabi and then the region-
al centre in Bahrain, which he
expanded from a small retail
branch to a billion dollar
money-market and treasury
centre.

In 1980. he was seconded to
the Arab Monetary Fund as
adviser to the president. Dr
Jawad Hashim. with whom he
discussed the ned for an insti-
tution to serve the increasingly
sophisticated investors' of the
Golf.

While it did not fall within
thet AMF’s role to start such a
private enterprise project, it
commissioned Kirdar to make
an in-depth study. When he left
Hie AMF a year later, he began
to translate the plan into action
by contacting a number of
banks and commercial families
to sound out their interest.

On August 12 last year the
project was formally launched
at a meeting in Bahrain, and
Ittrdar was elected to steer the
company through its formative
stages. A temporary office was
opened In the Holiday Inn, and
Michael Merritt, a Chase vice-
president who had worked
closely with Kirdar in Bahrain,
was brought in as his assistant.

Once the public share float is
over, and the 104m 25 cents
shares (representing 13 per
cent of the issued capital) have
been allotted, a constituents’
assembly will meet on June 20
to elect a board of directors,
and recruitment will begin for
a staff of between 60 and 70.
including 20 executives and 20
bank officers. The chairmanship
of the board will rotate between
representatives of the six Gulf
states.

The London and Bahrain
offices • of Investcorp are
expected lo oiien early next
year, and an additional market-
ing office in Kuwait is to be set
up in the following 18 months.

Among local institutions, so
far only the Kuwaiti-owned
United Gulf Bank, with a more
limited customer base, has
made a serious attempt to pro-
vide a full range of investment
banking services: its investment
subsidiary is advised by Morgan
Stanley.-

APRIL 1982

U.S.$ 200.000,000

Zero Coupon Guaranteed Notes Due 1992

U.S. $50,000,000
1 4% Guaranteed Notes Due 1 989

Unconditionally guaranteed by

(Incorporated in New Jersey)

Credit Suisse First Boston limited
Credit Lyonnais
Heinwort, Benson limited
Swiss Bank Corporation International

Limited

OTTOMAN BANK

NOTICE IS HEREBY GIVEN that, in accordance
with Article 29 of the Statutes, the ANNUAL
GENERAL MEETING of Shareholders will be
heid...OH WEDNESDAY, the 9th JUNE 1982,
in THE QUEEN’S ROOM, THE BALTIC
EXCHANGE, 14-20 ST. MARY AXE. EC3A 8BU,
at II ajn. to receive a Report from the
Committee with the Accounts for the year
ended 31st December 1981; to propose a
Dividend; to elect definitively a Member of the
Committee in accordance with Article 16 of the
Statutes; and ' to elect a Member of the
Committee.

By Article 27 of the Statutes the General
Meeting is composed of holders, whether in
person or by prosy or both together, of at least
thirty shared, who to be entitled to take part in
the Meeting, must deposit their shares and, as
-may be necessary, -their proxies at the Head
Office of the Company in Istanbul or at any of
the branches, or in London at 2/3 Philpot Lane,
EC3M 8AQ or in Paris at 7 rue Meyerbeer.
75009. at least ten days before the date fixed

for the Meeting. ’ . _ _

The Report of the Committee and the Accounts
which will be presented to the General Meeting
are available to the Shareholders at the Head
Office in . Istanbul and at the offices in London

and Paris. R ^ SUTCH

7th May 1982 Secretary to the Committee

Morgan Guaranty Ltd
PeabcheBankAktiengesdlschaft
Soriete Generate de Banque SLA.
Union Bank of Switzerland (Securities)

TJmftad

May 7, 1982

m

Azienda Autonoma delle

Ferrovie dello Stato

SDR 80,000,000

Floating Rate Notes due 1985

by virtue of existing Legislation
Direct and Unconditional General Obligations of

The Republic of Italy

In accordance with the terms and conditions of the
Debentures, notice is hereby given that for the Interest
Period commencing on May 10, 1982 the Debentures
will bear interest at the rate of 13|% per annum
The interest payable on the relevant Interest Payment
Date, November 10, 1982 against Coupon No. 2 will
be SDR 6963.89.

The USS/SDR rate which will determine the USS
amount payable in respect of Coupon No. 2 will be
fixed togetherwiihthe Interest Rate for the period com-
mencing November 10, 1982, on November 8, 1982.

_ ..Fiscal Agent

ORION ROYAL BANK LIMITED

Financial General Bankshares, Inc.

Las been acquired by

Credit and Commerce t
A merican Holdings, N.\.

:dd General BeckskcreSj Inc.

| The First Boston Corporation

May 7, 1982

All of these Securities have been offered outside the United Stiles.

This announcement appears as a matter of record oniy.

New Issue / April 27, 1332

U.S. $50,000,000
Hertz Capital Corporation B.V.

and

Hertz Capital Corporation N.V.

15%% Guaranteed Notes due April 15, 1983

- . Unconditionally Guaranteed as to Payment of
Principal, Premium, if any, and interest by

The Hertz Corporation

Salomon Brothers International Lehman Brothers Kuhn Loeb International, Inc.

Algemene Bank Nederland N.V.

Banque Bruges Lambert S.A.

Banque Nationale de Paris Credit Commercial de France Credit Suisse First Boston

Deutsche Bank Hambros Bank

Aktlenfiemllsehaft Limited

Society Generale de Banque S.A.

Lloyds Bank International

Limited

Sestets Generale

Union Bank of Switzerland (Securities) Limited

Discount Bank (Overseas) !

T ® °A 3

SQuaideFUe.Geneva

are pleased to announce the opening of
their new principal London branch at

34 Grosvenor Square
London wix9ll.

Telephone: 01-629 0801Telex: 894032

The branch will be in addition to the existing one at 63/66 Hatton Garden,
- -which will continuetoofferaMra^

38

Compares and Markets

MARKETS

Financial Times Friday May 7 1982

Stock

May

5 -

May

4 • •

Gt Atl. Pea. Tea.

5Js

6

Gt Basins Pet...

2%

2%

GtNthn. Netoosa'

36

35*

GtWestFieaneL

11*

11%

Oreyhound.-„..

14%

14%

Gnimman- -1

26%

?5^>

Gulf ft WistonU

15%

15%

Gulf on

30%

30%

HsIltFB) J

28%

aa%

Ha/Iiburton

54%

34*

I Hftmmeriaiii Ppri 25%

25%

Handle man 1

13%

13*

Hanna Mining. ..!

32%

31%

Har court Brace..;

16%

16%

Harris Bahcp '

29%

2B7g

Harris Corp

30%

30%

Kars 00 - ;

18*

18%

Heda Mining....,!

6*

8%

Reinz(H4) — i

32%

30%

Heller ln«...w.-^J

18*

18%

HeroulM 1

21*

21%

Hershey —

40%

40*

HeuMein

38%

39%

Hewlett Pkd -|

44%

Hilton Hotels. —

38*

39%

Hitachi

26%

26*

SB*

20%

Holly Sugar —

46%

45%

Homes take

23*

23%

Honeywell,..—

72%

73

Hoover J

10%

10%

Hoover Uni

17%

174

Hormel Geo.V..

22%

23%

Hospital Corp —

32%

18*

32%

184

Houston Inds.. —

19%

19*

Hudson Bay Mng.

13*

14

Hughes Tool

25%

257ft

Humana

25%

26%

Husky Oil

5%

5*

Hutton (EF1— —

31%

32%

ICInds.

30

30

IU Int-

13*

13%

13*

14

Ideal Toy

13%

134

ICI ADR

5*5

6

CmpCorpAmer..

6*

6*

INCO.-,. -

101s

10%

fngersoi Rand

50%

50

Inland steel

19%

197b

32%

31%

inter Fi rot Corp—

23

23

28%

28*

Inter North |

26*

27%

IBM

85%

64%

inti. Flavours...-.!

20%

19%

lntl. Harvester....!

47ft

5%

Int Income Prop,.

8%

8%

IntJtaper

36*

374

Int Rectifier

12

12%

Int Tel ft Tel..-.!

2b*

257ft

Irving Bank. — ■

40%

41

James (FS1 _.{

217ft

21*

Jeffn-Pilot (

28

27%

Jewel Cm

34*

34%

Jim Walter

19%

19*

Johnson Contr...

23

23 4

Johnson Seine....

41*

414

John than Logan-

15

15

JoyMnr

26%

26%

K. Mart

187ft

18%

KetaerAtam

12%

134

Kaiser gte

30

30%

Kaneb Serrisea-’

16

16

Kaufman Brd

8*

8%

Kay Oorp J

9*

9*

Kellogg

25%

264

Kennametal.

30%

304

Kerr-McGee

30%

30*

Kidde -

21

214

Kimberley-Clarkrf

64%

63 Tg

King's Dept St...

2*

2%

1 Knight Rdr. Mwr 31*

31%

Koppers. — -

147ft

14%

Kroeh lor

7

7

Kroger...—....,

31%

314

LTV

14

14

Lanier Bus. Prod

25%

264

Leer- Sieg lor....—

26

26*

Lease way Trane.

27

267ft

Lenox - —

39*

B9%

Levi etrause.—

25%

24%

Levltz Furntr

85

247b

1 Libby Owens Fd. 22%

224

Lilly (E((i. - -

63%

63

Unooin Nat.....—i

43*

42%

Litton Inds.—

45%

47Xb

Loekheed

54%

66%

Loews

92*

93%

Lone Star Inds _.

21*

214

Longs Drug etrs.

29%

294

Louisiana Land ..

29%

297 B

Louisiana Pac ....

19*

19%

Lowensteln .......

26%

27%

Lubrizol -

21%

31

15%

15%

MIA Qom.lno.....

22*

234

MCA -

51

; 5i

MacMillan.

15%

15*

Many

.34%

; 344

,MforsyHanovar N .

31

31%

Uanvllla Corp,,..

13%

13*

Mapeo

30%

30%

Marine Mid

22*

' 22*

Marriott

38%

| 38*

Marsh McLe/tn...

34%

34%

Marshall Field-

29%

29%

Martin Mtta. ......

30%

30*

Maryland Cup—.

35%

35%

Masoo .

34%

34*

Massey- Pergiu—

2%

24

Mass Multi.faerp

17%

17*

Mattel

19%

19*

May Dept 8tn~i

28*

28*

Maytag

52 1 *

29

McCulloch

10*

10*

McDermott (JR)-

24%

24*

McDonalds

68*

677ft

McDonnell Doug

39%

39

McGraw Edison-

29*

29

McGraw-Hill ......

52*

62%

McLean Trukg ...

12%

12%

Mend

19%

20*

Media Gonl

38*

38

Medtronic

43*

43%

Mellon Natl

35

34%

Melville

46%

46%

Mercantile 3ts

61

61%

Merck

76%

77

I Meredith _._| 60%

60

1 Merrill Ly nek

23%

29%

HEW YORK

Stack

£May !
s i

May

4

ACF Industrie*-. 1

AUP — ;

AM tail —

ARA —

AVXCcrp

Abbot Labs,. i

Acme Gfeve..-....'
Adobe Oil & Gan.
Advanced Micro.'
Aetna Life & Gas
Abmamon <H.F./,
Air Prod A Cham;

AKzona :

Albany Int.........

Aibarto-Culv.—

Albertson's

Atean Aluminium;
A too Standard...
Alexander ft Al_i
Atogheny
Allied Corp_,M.„

tilled Stares

Allls-Ghalmore.
Alpha Portd 1

37%

iai*

i-t
2574
32*
29%
31*2
81%
17% I

23% I
43 -* !

10*i ■

355n 1
2% !
25I.i i
14)-
2B%

la*
SO’i :
zT i ;
30% 1
33% !
31*
14% ;
105s 1

375;

13S>

l’-l

25

33%

20

3118

22%

IB

255*

<3%

10 %

337,

9%

34?’

14!»

29%

19

20%

27%

30%

33%

3 It;

14%

10%

Alcoa — '

A mol. Sugar.,.,

Amwc :

Amdahl Corp !

Amerada Hew..;
AM. Airlines .....

Am. Brandi

Am. Broadcast's

Am. Can •

Am. Dyanamld..,;
Am. Elect. Powr.

Am. Express

Am. Gan. Insnee.
Am. Hoist ft Ok
- Am. Home Prod_;
. Am. Hosp. Suppy,
Am. Mediae! Inti ;

Am. Motors

Am. Nat. Reeces,

A-m.Retflna

A M-Qmiar Pei_

t l

25’;
45 *
2
22%
201 ;
14%
45*
57%
26%
2853
17%
49%
41*
13^
37%
447 3
24
3%
3«7 B
63%
9i 3

24

45:3

36%

2273

19*8

1434

42*
38
26%
SB*
17
49*
41%
13%
57-%
445:
23 7s
33;
34*
62! 3
912

Am. Standard..!

Am. Stores ;

Am. Tat. ft T#|._.

Ametek Inc

A'mTac. -

AMP.. - !

Am star _

Am stead Inds. —
Anchor Hockg,...i
Ariheusor-Buach j
Archer PenJoJs...j
Armas.... ,

27
36%
54*
265:
21%
57*
22 t 3

as

S3

183*

26%

54%

263>

22%

53

23

■ 24*
‘ 15*
1 49*
I 15*

: 19

Armstrong CK.„
Aiamera Oil —

Asarco.

Ashland Oil

Aasd D floods...
Atlantic Rich...
Auto-Data Prg_

Aveo

Avery Inti

16%
a%
.. 20
J 22%

33%

41*

..! 2S*
18%
■ 25

’ 16*
8%
1 19%
! 22%
1 5a
< 3973
25%
i IB*
. 25%

Avast •

Avon Pred

Baker Inti. 1

BaK. Gas ft Cl •

Ban Cal '

Bsngor Punta .....
Bank America..-

Bankof N.Y ..

Bankers Tst.N.Y.|

Barry Wright i

Battsch ft Lomb-
BaxtTrav Lab...;
Beatrloa Poods...

Baker Inds ....

Ben ft Ho well...-.
»n Industries

Bendix

BeneflaM — «.—•

49%

25
29 *S

26
25%
27*
18%
39*
32%
15*
46%
55*
19%

6%
21 %
17 73
545.,
19*

I 50
r 35%
1 301;
j 253*
I 23*
I 27%

i 18*

I 39%
[ 32%
15%

I 36%
19*
6%
21 %
17 *
64%
193*

Beth Steel

Big Thee Inds....
Black ft Decker

61<Mk HR

Blue Bell

Booing

Boise Cascade _

Borden

Borg Werner

Bren Iff Inti..

Briggs Strata ....
Bristol-Myers....

BP

- Brockway Class.
Brown Forman I

'Brown flrp

Brown ft Sharp .
Browns Parris,..

Bhinswiok

I 32%
. 22 %
: w: 4

sail
. 24*
i 19%
1 28*
, 331;
28*
: 2*
1 251*
581*
j 23*
14%
I; 5573
l 33S*

III 5 *

I 17%

| 29%

1 22
; 144*
33%
24%
19%
! 28%

iS-

1 26%
| 58%
E2*

a*

387 S
157g
! 34%
i 17%

BUeyru* Erie — 1
Burlington Ind —1
Burlington Nrtbn’

Bumdy I

Burroughs — „i

cai inds.

CBS

cpc inti,

CSX— !

Campbell Red L.i
Campbell Soup...
Campbell Tagg...!
Canal Randolph..'
Can. Pacific.-....;
Carlisle Oorp — 1

Carnation

Carp Tool)

Carter Hawley— I

Caterpillar J

Cel&neae Oorp ...!

Centex —

Central ft 8w 1

Central Soya— —
Central Tel IttH.-:
Oartaln-tsad
Cessna Aircraft.
Oham p Home Bid|
Champ int.

1578 I 16
23% i 23
50* 49%

17% ! 18
36* ( 26%
33% 23%

43 43%

26*3 37%

46% I 467a

11* . n*

37% • 37

23 23

28 i 28
20 % 20 %

25% I 251,
33 ! 32%

37* i 36%

14* ' W*
43* | 43%
581* ' 59%
21 * | 21 *
153* 1 15*
11 * | 11 %
31* • 51%

Champ Sp Plug..!

Charter Oo ...

Chase Man hatfnl
Chemical NY-
Cheese Pond—
Chicago PneumJ
Chrysler — — ,
Ohubb— — .

12 1»
177 3
2%
16
8*
8%
83%
34
36
14*
6*
42*

12 %

183*

27g

16%

1*

8%

83%

34

257*

14%

6*

42%

ClgnfL.-..---

Cincinnati Mil..'

CJtioorp .....

Cities Senders _...

City Invest j

dark Equipment
Clave Cliffs Iran.*

Clorox

duett Peaby —
Coca Cola I

Colgate Palm— ^

Collins Aikmaa... 1
Cbttlnds— —

47*

24%

28*

543*.

24*

20%

203,

14%

16%

24%

18%

13*

27

! 473,
243,
28%
35%
241*
207 S

I 21
! 14%
I 16%
34%

I 18%

13%

27*

Stock

; May 1 May
15 14

Columbia fiaa— ; 32% : 31*
Columbia Piet— 7Q7& 1 70%
Combined Int.... 22 ! 21*

Combust*. Eng„' 27* I 27
Cm with. Edison 21% i 31*
Comm.satelrte— ! 65* 1 55*

Comp. Science—: 12
Cone Mills..—-— 30%

Conrad 243,

Cana. Edison ' 58

Cons. Foods...—' 353;
Coni, Frolght...; 3B*

Con. Nat. Gas 47-*;

ConsumorPower 17*
Cont Air Unoa...; 43;
Conti. Corp—.... 277s
Conti. Group.. — ' 28%
Coot Illinois-.—. 28%

Conti. Telep 171$

Control Data.—.: 297s

> 12%
j 30*

25%
I 37*

35%
i 38
! 47 r B
17%
, 4%
i 27*
I 28%
j 28%

! 17
i 30*

Cooper tads.— :
Ccors Adolph— ,

Ccpperweld

Coming Glass—.:
Corroon Black. „•
Cox Broadcast's.

Crone. . . - *

Crocker Nat

Crown Cork — 1

Crown Zell.—.'
Cummins Eng.—'
Curtiss-Wright..

Damon

□ana

Dart ft Kraft..., ...

Data Gon —

Dayton -Hudson „j

Deere

Delta Air

Denny’s ,

35* '
12% |
24% ?
48% :
203,
31* !

25 i

29 ‘
25% .
21% .
38% ;
41* 1

7Sj j
28% !
53* I
28%
36* !
293. ;

31% ;
26*

37

12

24%

48

20‘!

31*

35 %

29
25%
21*
58
40%

7%

88

83%

30%

36

30
31*
26%

I

Den tap ty fntf •

Detroit Edison. ..j

Diamond Inti ]

Diamond Shank..,

D'Giorgio

Digital Eaulp...— :
Dillingham

Disney <waitu_.!

DonuMms s.

Donnelly <RRi

Dover Carp

Dow Chemical...,'

Dow Jones. 1

Dresser

Dr. Pepper.

Dcka Power j

Dun ft Brad ■

Du Pont. - .;

EG ft 6

te% :
12%
37% ,

21% :

10 I
79* I

11%
aii 5 .

87

10* ;
44ii ,

24% •
22%
47
2U,

12 % ;

23% ,
71 1
35% •
17%

18%

12%

37*

21*

10

81%

11%

217s

57%

10*

44%

23%

22*:

47*

21

22%

S3*

70*

35%

17*

Easoo. !

Eastern Airlines.,
Eastern flas ft F ;
Eastman Kodak.

Eaton

Echlin Mfg

Eckherd Jaeft....,
Electron to DataJ
Elect. Memories'

E) Paso -...;

Emarsen Elect....
Emery Air Fgt.—

Emhart

Engelhard Carpi

18* 1 29%
6 : 6
20* 20*
72% • 72%
50 ; 29*

13% ; 14
25 I 22
27% , 27*
4 • 37a

£3% ; S3*
47 7j ! 47*
8* ! 8
35% : 34%
Si:, ! 22

Enscreh. 207$

Esraark, 46

Ethyl - 19H

Evans Prods. 9%

Ex Cell. O Bl*

Exxon. — i £6%

FKC. ; *&■'*

Fabergu . 5*

Fedders j 3-«

Federal Co 23%

Federal -Mogul... I 30%
Fed. Nst. Mort....| 10%
Fed. Paper Brd._j 15%
Fed. Resources..! 1%
Fed. Dcp. Stores' 43%

Fleldcre&t Ml 24%

Firestone. — ' 10%

1st Bank lystemi *2S 4
1st Charter Fin - i 9T a

! 20%
: «5%
1 20%
i' 9%
i 21%
< 28%
! *6%
' 18%

; 3*
! 23%

; 20
1 10%
I 26

!

44

23%

10?a

55

a*

1st Chioago 1

1st City BankTaxi
1st Interstate—;
1st Mississippi....!
1st Nat Boston ~j

1st Penn — !

Flsons_ -I

Fleetwood Int— [

Flexi-von — ;

Florida Pwr ft L.J

Ford Motor— j

Foremost Mok.—
Foster Wheeler J
Freeport MeM....

Fruehawf-

GAF

GA7X

18%

24%

>8

10*

25%

3

18

*a%

24%

iaiB

257ft

£3*

101ft

26%

***

15%

18%

32%

24*

31% • SO*
12 % 12 %
17% 16%

16% • 16*
12* : 127r
26S, ! 27%

Gannst — — — ... |

Geloa

Gen Am Invest ...
Gen Cinema ,..—4
Gen Dynamics—.
Sen Electric,— j

Gen Foods _i

Gen Instrument

Gen Mills

Gen Motors

Gen Pub tmiitlMj

Gen Signal.

Gen Telep Eleo—
Gen Tire ^ — — j
^enesoo—

35* I 36%
19% [ 19%
157e 16

38* : 59%
297 b j 30%
65% f 65%

38%

39%

41%

43

Q*

37%

30*

18*

4Tft

37%

39%

42%

43*

37*

30*

1B%

4%

arts.—!

td

37%
16*
51%
30
33%
17%
35%
15*
19 7 0
23%

261ft

40

Grainger WW )_! 39%

Genuine Parts—
Georgia Pae.

Geo source

Garbos Prod

Getty OH

Glddins Lewis—.

Gillette

Global Marine—

Goodrich (RF) j

Goody oar Tire—
Gould

Graoe I

1 mr (WWI I

378,

16%

51%

29%

61

17%

35%

13%

; 19%

I 23%
| 26*
I 39%
i *0%

MBM - — .. 6

Metromedia 204

Milton Bradley...; 19*
Minnesota MM—-: 65 ‘s
Missouri T>ae — ; 65

Mobil 1 12*

Modern MorchSbi 07 B
Mohasco — ! 107ft
Monarch MiT—.J 17
Monsanto 67
Moore MoCtartc.! 2l7g
Morgan (JR.— | B5%

Motorola -J 64%

Munslngwear —J 12%

Murphy IGB 11*

Murphy Oi - 21*

Nabisco Brands 33%
Mai 00 Cham. 44 t 8

57ft

1306%
19%
55%
621ft
21*
9%
107ft
17
66%
21% f
557,

. 64%

| 12*-
11%
21%

■ 343*
447a

Hat. Cam. —4

Nat. Detroit..

Nat Dist. Chcm J
Nat Gypsum — j
Nat Medical Cut
Nat Semloduetr,!
Nat lervlce Ind.!
Nat standard __

Nat. Steel

N atom as. —

NCNB - —

18%

22*

32%

22

167b

23

36%

11%

18%

18%

14

15
22%
02
217ft

16
23%
26
11%
187g
18%
14

NCR..- I

New England EI--
NY State E A G-f

NY Time* !

Newmont Mining)
Niag. Mohawk— 1

NICOR Inc. -;

Nielsen IAC) A....;
NL Industrie*-.—!

48% ! 49*
26Ta I 26%
16* j 16*

39*

35%

14%

28*

50%

249,

NLT.

40*

55%

14%

2B*

48*

24%

29% t 38Ta

Norfolk * West* 1
Nth. Am, Coal —i
Nth. Am./ Philips!
Nthn. State Pwr.
North gate Exp—;

Northrop -

NWest Airlines- 1
NWest Bancorp-

Nwest Inds

Nwestn Mutual,,
Nwest Steel W -I

Norton — —

Norton 8imon
Occidental Pet...;
Ocesn Drill ExpJ

Ogden J.

Qgifvy A Mrth. — j

Ohio Edison

Olln —

Omarfc—

Oneck.

51% I 52
31 31

38 ! 38*

27 1 36%

3Tft

53%

27%

217ft

69*

9%

19%

34%

20*

19*

37ft

517ft

28*

21%

69%

6*

19%

34

207ft

19%

20% . 20
25* I 25*
324 32

13% I 13%
21* 1 217ft
14Tfi 147]
28* ! 28%

Outboard Marine
Overseas Ship—.,

Owen scorning J SO

Owens-Illinois....]

PHH Group — 1 214

PPG Inds -1 337a

Pabst Brewing...; 19
Pec. Gas A Elect! 23%
Pao.- Lighting .— j 23*
Pac. Lumber f 19*

33

15*

26%

22*

15%

197ft

26%

217ft

34

19%

23%

23*

19%

Pac. Tel. 0cTet— ] 18*
Palm Beaoh. — 1 16%

Pan. Am. Air. , 37a

Pan. Hand Plp<M 32
Parker Drilling...; 12%

Parker Hanfn ' 18%

Peabody Inti j 64

Penn Central ; 29*

Penney IJCL. I 364

Penaxoli j 18%

16%

16*

4%

324

12*

19*

64

29%

364

384

Peoples Energy ! 8%

PepsiCo 39%

Perkin Elmer. — ,. 22%
Petrie Stores..— I 24%

Petralane 1 144

Pfizer 06%

Phelps Dodge ... *5%

Pfiila Efeot — J 24%

Phlbro J 22*

Philip Morris 52%

Phillips Pet 1 311ft

Pillsbury ! 44*

Pioneer Oorp I 20%

Pitney-Bowes ...j 28*

Prttston . —

Planning Res'ch

Plessey^.

Polaroid —

Potlatch !

Prentice Hall—

17%

7*

74%

19*

27%

28

Procter Gamble.; 86

8*

39

23

24
14*
66*

25
14%
22 4
51%
30*
444
20%
284
184

7*

74%

20

274

29

86%

Pub. Serv. E ft GJ
Pub.S. Indiana...!

Pur ex— — ,

Purolator

Quaker Oats — ,

Quanex

Questor — ...—

RCA..

Raison Purina-
Ramada Inns... .
Rank Org- ADR— 1

Raytheon —

Reading Bates -
Redman inds.-
Reeves Bros..

214

244

80%

34%

42

97ft

134

20*

13*

5*

27g

36%

15%

144

66*

Reich hold Chemi 12%

21%

24%

304

34*

42%

9%

134

207ft

13*

r*

B-

14*

66*

12%

Republlo Steel.
Rap of Texas....

Reach Cottrell..

Resort lntl A....

Revco (DSi

Revere Copper

Revlon. —

Rexnord

Reynolds (RJ)...
Reynolds Mtls...

Rite Aid

Roadway Expe..
Robbins (AH) ...
Rochester Gas.
Rockwell Inti
Rohm A Haas...
Rollins.

: 20%
; 33*

117ft
21%
i *6

,1 114
u 29%
11%
49%
19*
33*
37%
13ift
14
32
56%
15%

20

334

117ft

21*

257g

11*

29%

12%

49%

194

33%

38

13%

14

31*

56%

16%

Holm ....

Roper corp...—.

Rowan

Royal Crown „)

Royal Dutch . —

Rubbermaid |

Ryan Homes

Ryder System....

SFH Companies..'

3 PS Tachnol'gies

Sabine Corp

Safeco

Safeway Stores ..-

SL Paul Cos

St. Reg* Paper...' 26%
Santa Fe Inds...— ' 154
Saul Invest — ...!
Saxon Indue..—;,.,
Sabering Plough..

30%
10*
11*
16*
35%
40%
14*
30*
SO
15
35 4
39 4
36*
46*

1

7*

1*

29%

30%
10*
11*
18*
36*
39%
I 141ft
307 3
19%
15
35%
40%
! 287 a
46*
26%
15*
7*
1*
! 29%

-Stack

-IT

May

4

Sc Witz Brew _
sohlumbegeru,

3CM„

Scott Paper.—.
Season

Seagram — .

Sealed Power.
Sear la (CD).—
Sears Roebuck.
Security Pea

flirted .

Shell Oil ...'.IT

Shell Trans.......

SherwbvWniB-

Signal

Stgnode

J 16*

iS*

A 53*
• 30*
. 36%
J 29*
..I 33
.-j 32*
_■ 36%
„• 29
’ 83%
- 18%
-! 49%

i 16*

{471b

23

17*

24%

«*

m"

MS

32%
35%
29%
, 233*
19%
46%

Simplicity Patt-'i 94

Singer. — 1 13%

Skyline..... ' 1S%

Smith Inti 29%

SmlthKline Beek) 70
Sonesta Int] ....— 30%

Sony J 14%

Southeast Santo' 16
Sth. Cal. Edison J 32%
Southern Co.— J 12%
Stun. Nat. Res—! 26*
Sthn.N.Eng.701.' «6*
Sthn Pacific.— 1 33*
8th n. Railway— 1 96%

Southland.. 32*

8W Banosbares..' 24%

Sperry Corp- i 27%

Spring Witts .... J Z8%

Square D. ' 267e

Squibb ; 36

Std. Brenda paint 25

| 87ft

, 13%

I 157ft
! 30%
l 70
10%
14*
16*
32%
18Ta
264
44 %
33%
96%
S3*
24%
28%

26*

36%

24*

8td OH Cilfomta.! 31%
Std Oil (ndiana.... 44

Std Oil OhlK. : 354

Stanley Wka | 15%

Stauffer Cham —■ 25%
Sterling Drug— J 24%

Stevens MPi. j 16%

Stokely Van K...J 33
Storage Tech. —I 24%

Sun Co 1 351,

Surds trend ( 35*

Superior on. 1 33*

Super Val stre—; 16%

Syntax. J 36

TRW J 61%

Taft 515i

Tampax— ...... — ' 564

) 30*
! 43

| 34*
i 15*
234
24
16*
337a
24*
36 4
35%

; ss%
18

I 35%
1 51*
. 317ft
357ft

Tandy 11%

Teledyne 1207j

Tektronix. * 56 4

Tenneco - 26%

Teaora Pet 214

Texaoo 1 29%

Texas Comm. Blc 34%
Texas Eastern,..; 48%
Texas Gas Tm. ..I 29*
Texas Irutr'm'ti. 89%
Texas OH ft Gaa..i 30% ,
Texas Utilities....; 23%

Textron — 1 22

Thermo E/ootro^,:' 14%
Thomas Bette— > 62%

Tidewater. — ; 24

Tiger Inti 9

Time Inc. — J 33*

Timee Mirror — • 45

) 317ft
‘123*
56

1 26%
I 03 .

30 '

337,

494

25*

91

31
23%
22%
14%
617g

337a
9%
337 ,
l 44li

Timken..

Tipperary—.—

Tonka

Total Pet

Trane

Tran lame rise

Tran&way

Trans World..,
Travelers—.
Trlcentrel

! 94%

Sift
25*

-.! 9%

30*

.... 20% .

._J 23% t 234
— I 21* I 21%
474 i 47%
-li 7% { 7*

633ft

93ft

25*

9%

29%

20*

Trl Oonttnentei-J S87 a

Tyler-

.a~.|

13

1

17*

19*

n |

B

•*— |

61

see..!

50

1

l«l«|

46%

.

344

""1

37*

18*

13%

17%

19

8%

60%

50

47

Unlroyal —

Unto Brands 1

Utd. Energy ReaJ

US Fidelity G !

US Gypsum j

US Home

US Inds I

US Shoe

3%

11%

32

444

304

13

101 ,

32%

13%

214

US Steel..

US SurgloeLu — . .

USTobaooo ! 47%

US Trust
Utd. Technolgsj
utd. Telecom me; SO%
Upjohn 1 464

Varfan Assooa— 37
VemltTM — 1 11

33%

37%

8%

11%

32%

44%

30%

12%

978

31%

23%

21

46%

36%

184

21

464

414

374

20%

Virginia IP— 1
Vulcan Malris-..,
Walker /H) Rea...
Wal-Mart stores.

Warn sco

Warner Comma..!
Warnar-Lambt . J
Washington Post

Waste Mangt

Weis Mkts

Welle Fargo....,
W-Point PeppL-l
Weatorn AlrHnesl
Weatn. Nth. AmrJ
Westing house

Weatvace

13* ' 13*
45 444

12 % ; 12 %
52% 1 517,
32% ' 324
B74 > 58%
851a S4
53% 1 357ft

Weyerhaeuser..

32

40%

22*

23*

11%

26%

21*

87

33

40%

22%

23*

4

12

26%

21%

27*

Wheeiabretr P
Wheeling Pitta— I
Whirlpool —

White ConsolW.-l 27*

Whittaker

Wick«s„

Wllliama Oo— ...!
Winn-Dixie Str...J
Winnebago

Wise El ee Power *14

woolworth .. — I

Wrigley

Wyly »

32%

15%

30

27

24

19%

37

6%

20%

38%

8

Xerox — — ! 34%

Yellow Frt Sya — 1 13

Zapata —.—I 18*

Zenith Radio— 14%

327,
14Tft
29%
27%
27
24
19%
36
6%
30%
I 19%

i"

! 35

i 13
• 194
l 14*

Indices

NEW YORK

-DOW JONES

. ! ! ! I 1982 (Since CmpU'Pn

; May ! May ! May 1 April - April ; April — ; !- ; — ——

. 5 i 4 ; 5 ; 50 20 , 29 j High > Low j High I Lew

• 1ndUStr , lsl854.45864.46S49.D3 848.56 844J4! 862.64 = 882^2
: ; , | 1 > (4/ ii

H'me Bndft.1 69.7<i 68^3, 6166.’ 63.S?' 63.82; 59.60 i 59.74
• l I • <6iB|

TTansport..|243.55:345.K(345,SS: 343.15 342.44; 345.20 , 5S3.46

Utrlitic

TradlngVoi
000-t

1 14 J 9 ;i 14.29 114 . 2 sJ 276 ^ 49 / 115.611 114.22

cm

115.00

flBHH

68,880; 83,720(48.4901 48,200! 51,3501 58,650 I -

i r- i .

a Day's high 861.S7 low 848.74

780,47

(8(51

65.67

(12i»

514.56

1001.70 I 41.22
(01/1(731; (2/7/52)

447.58 I 12.52
(8/51 1(16(41811 (8(7(521
105.61 ; 161.52 10.5

(20(4/66) (28/4/42)

(18/11

j April 30

April 23

April 16

Year ago (Approx

6.56

6.47

6.61

1 5.57

STANDARD AND POORS

May

May May April f April Aorif

5 .

4 3 30 | 29 | 28

High

Low

High

Low J

tnduet’tow

IHY5

rrm

UPjul

■ 1 ' ■

: I 1 ;

M/1*

msm

SB/nm «B|6/62)

Composite

117.67*

117.46. 116.61 116.44/ IIS.W 117.M

123.74

107.64

B731I

I <4rii ! rs.si :/sanii8fl! n/6/52)

April 28

April 21

April 14

; Year ago (approx)

“=^

6.72

5.71

| 4.61

Ind. PIE Ratio

7.88

7.75

7.77

1 9.37

Long Gov. Bond yield

12.93

12.92

13.11

13.36

MY. B£. ALL COMMON

Rises and Falls

■IEtM

LJ71

May 5

May 4

May 3.

lasuea Tradod

1,663

1.875

1,855

Risea -

767

894

703

Falls —

674

518

686

Unchanged...^.,

442

463

456

New Highs..-.—

55

74

44

29

35

30

MONTREAL

1983 J

5 | 4 | 3 j 30

High

Low ' J

362.79 (4.1)

Combined

3 16. OB (4.1)

mam II

TORONTO Composite

IbMrf'l^S.O 1 1642.0 j 1548.1

1BSG.B (4.1)

I626J (8i5) j

NEW YORK ACTIVE STOCKS

WwfnM^Sl

Mobil

X Ms*

Exxon

Change

Cbenge

Stocks Closing

on

Stocks cioainn

on

traded

price

day

traded

price -

day

1,854.900

24*

r+ H

Houston tads.

_ 251^00

S3h

H-,%

1.034.300

22%

.+ v

Pan-Ain Airways elo.aOO

4

990.100

Ifi 1 #

'+ h

Detapoint

_ 57a 800

13»,

■- V

S53.KO

65H

+ h

Coco Colt —

^ 546,800

34> :

'+ V

£35.300

.+ %

Flow fisneral

« 332,100

12%

-w.

AUSTRALIA

All Ord. 0/1/80)

Metal ft Minis. (10/80)

May ; May May I May
6 15 4 1*

488.7 [ 498.6 1 436.7 489.fi

564.7 I 561.6 585.8 i 562.9

AUSTRIA

Credit Aktion (2/1/82)

BELGIUM

Belgian SE (31/12^3)

DENMARK

Copenhagen SE 0/1/73)

FRANCE

CAC General (51/12/81) ,

Ind Tendance (31/12/81)1

62.90! 62.55' B2.<7( 82.4*! 66^6(4/1)

High

lBSS

BS6Jf4/h

4ffi,1(5/D

Lew

4SS.5 ftO/J)
622-2 0/41

62.16 m/4)

95.BQ 35.08 94 ,U

0.2?. I20.?3( lEflJBl 128.16:

<C)

110.901 mo 1 10a j

124.201 K5JE ] 12&J2

GERMANY

FAZ-Aktien (51/12^8) 1254.47 1 235.60]

CommorzbankfDec185S) 714.78 • 711,7

M8.1

121.8

M2.45 (6/4)

126.22 (26/2)

IkU (22121 86 J (4/1)

124JI OSrt) B7J (40)

86.42 (20/1)

11E90(8/5)

254.76! 254L24
716.J I 714.6

HOLLAND 1 ,

ANP43BS General 0670) I 93. BO 82.B > 85.E 82 Ji
ANP-CB& IndUOt (197© I 75.M I 72.6 ! 73J 1 72.fi

259,46 (6/4)
.729,8 (8/4)

B4J (27/4) 84^1 M/R

73J (614) 1 63-2 (4/T)

218.56 (IB/1)
868.7 (18/1)

KONG KONG I

Hang Seng Bank (51/7 (84(1561 J8(151G^o!lB10JS 1820^01

ITALY

Banea Comm ltaJ.(197S)

1446.82 (12(11 1128.85(8/11

».«■ 186. Ml TB6L17]

f iaiJ

312.66 (Hi!) • 181.ft(1»1)

JAPAN"* | , 1 ;

Dow Average (IB/6/43) 17617.7ft (cl !7«7.11| (cl !

Tokyo New *E <4/1/881 / 667JUV f c i I M 1.62: (cl f

7326.66 (3771) ; 6WB J5 (17W
66129 (Z 7/71 | 628.70(17/5)

NORWAY
Oslo 6£ (1/1/731

SINGAPORE
Straits Times (19661

SOUTH AFRICA
Gold (1968)
industrial (1958)

SPAIN

Madrid SE (N/12/B1)

SWEDEN

Jacobsen ftP, (1/1169)

119,96 189,77] 118.07 118.64) TOjHJ (26/1) | 108.12(1/4)

7SS.89I 767.84

- I ful

- 1 (u)

HHLBof 100.81

677,481

677.62 1

SWITZERLAND ! j

Swiss Bank Cpfl.(6 1/%/BS)] 04.60] 2 M .8

WORLD )

Capital Im«. (1/1/70) j

187.7

764.95 767J89

42M 431.5
586J 1 694.3

810J6 (8/1)

887.49 (9(8)

698^(6/1) (1U|M)

71L7 (B/1) { 69B.I (29fQ

100.831

676 JB

265.8

157.4

(0)

671.91

266.4

UfiJ

107.46 (9(3)

S68J52 (2»n

266.1(11(1) I 243.5 (11/8)

99.17 (6/1)

695 M (36/4)

147^ (4/11

139.1(17(3)

(**) Saturday Mow % Japan Dow 7^4557, TSE 56083.

Besa values <rf all ind I cos am IDO oxcopt Australia All Ordinary sad MataJs—
600. NYSE All Common-^SO: Standard and Poors — 10: and Toronto — 1.000; the
lost named based on 1919. t Excluding bonds. 4 400 inductna*. $400
industrials plus 40 UWHdaa. 40 financials and 20 Transports. c Closed
u UnavaKflfaal.

Dow up 6.28 at mid-session

WA UL' STREET contfmied
bigher at mict-sessrem allbough
prices moderated from earlier
levels.

*The Dow Jones Industrial
Average was up 628 at 860.73 at
1 pm after cimrbing a lore than
nice points in'tbe first hour of
trading. Advances led declines by
about three fa) one. The ISYSE
All Common Index added 42
cents to $68.17. Turnover
amounted to 51.13m Glares com-
pared with Wednesday's 1 pm
figure off 42.43m.

Analysts attributed tiie rally;
to news late on Wedne sday
(bat the Senate budget com-
mittee-dominated by. Repub-
licans — approved a federal
budget measure.

Michael Metz, of Oppenbeimer
and . Company, said investors,
sitting oo large cash positions,
were looking for an excuse to
buy into tine market and any
moves •toward agreement on a
budget compromise were bound
to -spur a rally. ■ ^ .

However, analysts noted tJiat
the spending measure approved
on Wednesday ssiH faces a lot of
opposition. Already boose
Speaker Thomas CNeiH has
said he is opposed to the Senate
budget oernnnittee’s proposal. _

Trading was trendless, with
only issues involved in special
situations showing significant
price changes.

Morse Shoe bad “the biggest
decUne, felling S2} to 514} after
Its report of a first quarter loss.
Sofs K T7J5. rose S3 tn S41ff
afteT news of a first quarter
earmngs gain. ^ t

THE AMERICAN SE Market
Value Index was up 1-32 at 1 pm
to 271.34. Volume 3.26m.

Canada

Stocks were up marginally at
mid-session' with • gains out-
numbering losses 151 to 136.

The Tokyo Composite Index
rose 0.2 to 1.526.7 on trading
of 2.14m shares. Seven of the
14 major indices were higher.

Most active Nova Corporation

Class " mKhanged at CS6.
reported first quarter earnings
of 17 cents per share compared
to 26 cents last year. Nova
blamed the. earnings reduction
on the first quarter loss reported
by its unit, Husky Oil-

Gold issues fared poorly as
the index dropped 265 io :
2.051.7. Dome flaws fell i to
C$121. and kittle Long Lac Gate
Mines eased i to CS9.

Turbo Resources, which is re-
negotiating debt obligations, was
up 12 cents at C$L12 in active
trading. Murphy Oil fell C$11
to CSIBi, Faiconbridge Nickel
dropped C$li to CS45i, and
Simpsons-Seasrs Class “ fell
i to CS5i.

Hong Kong

Hie stock market abased film,
at the -day’s. iiisbs. botetered by
speculative demand pnrompted
by the possibility of .ft cut. in
local interest rates.

Prices ■ initially (tipped on
spillover selling from Wednesday
but then rebounded in mid-
momiiig.- The Hang Seng index
rose 34.88 to 1,351.09.

Expectations of a feU in local
rates woe spariaed by the
stomg performams of .tire Hoag
Kong dollar and the likelihood
of a fall in TLS. rates, they added.

AS3.28, and Mill- rose jtwo Id
A$2.22

National Consolidated was five
higher at ASt.40 after Adelaide
Steamship subsidiary, Tootii and
Company, made a partial taken
over offer at AS1.46 a share for
45 per emit of National ConsoU-
dated.

Gultns Pacific improved three
cents to 29 cents in spite of a
poor report from Bass Strait weH
Pieces No. 1, earlier in the week.

Closing prices for North
America were not available
for this edition.

Tokyo

Share /prices rose sharply, led
fay Blue Chips, in response to the
yeiLs sharp rise against the
dollar and Argentine reaction to
UN peace proposals.

The Nikkei Dow average
gained 60.67 to dose the day at
7,517.78. Trading was light on
volume 350m shares following
the Spring holiday. The Tokyo
Stock Exchange index rose 6JJ0
to 557.82.

Sentiment was also encouraged
by expectations of lower U.S.
interest rates, prompted by news
the U.S. Senate budget com-
mittee has approved a White
House-backed budget plan to cutt
the 1983 projected deficit by
$77bn dealers said.

Export-orientated issues, such
as Light Electricals, Precisions
and Motors, were in demand
with Matsushita Electric gaining
Y1Q0 to Y1490, Sony Y10D to
Y3JS20, Pioneer Y130 to Yl,630,
Canon Y49 to 7839. Fuji Photo
740 to Y1.510, Toyota Motor Y50
to 71.060 and Honda Motor 725
to Y781.’

Heavy Electric machine makers
also rose sharply with Hitachi
adding Y25 to Y655, followed by
Drugs, Steels and Shipbuilders.

Oils and Coals firmed, hut
many low-priced domestic indus-
try issues were generally
neglected and ' weakened,
although the second market rose
slightly- f

Singapore

News of a takeover of two
Malaysian banks by one of the
market's speculative favourites
failed to stir overall trading,
leaving share prices mostly
steady.

The Straits Times Industrial
index rose to 759.29 . from
Wednesday's 757.34. The 30-stock
monitor had been up 0.72 point
at mid-day.

MUFs takeover of the two
unlisted banks through a share
swap, a strategy tiie Malaysia-
based conglomerate has -become
famous for, had been rumoured
for several sessions and (fid not
inspire.

Mtll, thought to be the volume
leader on over 1 . 2 m shares, rose
to S$4.0S from SS3.96.

Germany

Leadmg share prices dosed
slightly, higher in moderate trad-
ing, with the Comxnerftaxdc
Index rising three to 714.70.

Stocks received support late in
the session from the Bundes-
bank's decision to reintroduce
me Lombard rate at 9 per cent
and add fortiwr. liquidity to the
money market at 8.6 per emit
which, it was felt, indicated its
willingnes to let interest rates
fall farther.

BMW recovered from yester-
day’s DM 5.70 fell in nervous
trading to close DM 3.50 higher

at DM 201 amdd rumours, later
confirmed by the company, of a
-cut in dividend and a rights
issue.

Johannesburg

Australia

Leading, stocks finished on
their highs after drifting down-
wards during' earlier trading m
a quiet session with local and
overseas investors 'again nervous*

At the close, the Sydney All
Ordinary Index was up 2 J. at
49S.7- while the resource marker
gained. 4i» points to 3742.

Brokers said reports of a
United Nations-inspired. peace
formula acceptable to Argentina
had little impact on trade.

Gold miners were lower after
a fall on world gold exchanges.
Central Norseman lost 20 cents
to AKUO, Poseidon eased five to
A 51 .75 and Peko slid five to
AS4.15. BHP rose 10 cents to
AS7.74 CSR was two up at

The stock market closed
quietly mixed, to easier, mirror-
ing the trend on tee gold board
in reaction to the tower bullion .
price.

Heavyweight gold producer
losses were generally fruited to
25 cents, as in Driefontein at
R23.50, but Kloof gamed 25 at
R27.0Q. Mining financials, had
GFSA down R1 at R61.00 while
diamond share De Beers eased
three at R505 after 510. In In-
dustrials, Barlows abed 5 at RS2&

. Milan .

Milan stock prices rallied from
Wednesday's depresed levels,
ending a string of sharp losses.

The day index posted an
advance of L3 per cent, regain-
ing more than a half of the
ground lost on Wednesday.

CANADA

Stock

A MCA Int.

Abltibl

Agnieo Eagle. —J
Alcan Alumln
Algoma Steal

Asbestos.

Blc. Montreal — I
Bk. Nova Scotia
Basic Resources^

May May
6 4

JS%

15%

e*

92%

31%

12

19 Tb

21*

3.00

15%

16

6*

23%

32

12

20

21*

3.00

Bell Canada __|
Bow Valley--

BP Canada

Brascan A

Brin co. .

B. C. Forest

OIL Inc.

Cadi Mac Fairv(ew|
Camflo Mines
Can Cement—

197ft

14*

30

16*

4.30

9

28%

7%

7

9%

20

141ft

SI

17%

4.10

9%

237b

7%

8%

9%

Can N Wlands-J
Can Packers ——I
CanTrittco —
Can Imp Bank-
Can Pacific —
Con P. Ent—
Can Tire.——

25%

29%

21*

25%

13%

34%

25

39%

22Xft

25*

13%

34%

Chieftain .,! 18

Cominco.. ■ 39%
Cons Bathst A. ... 14*
Cont, Bk. Canada] 6%
Coseka Resro'es. 6*

Costain _.| 7%

Daon Deval. 2.42

Denison Mines-.; 21
Dome Mines...—.; 28*

16

39%

14%

6%

6%

7%

2.54

21%

33%

Dome Petroleum 1
Dom Foundries A]

Dom Stores .

Domtar -

Falcon NickeL— .

Genstar — J

Gt West Ufa

Gulf Canada -
Gutfatream ResJ
Hawk Sid. Can -j

9

31*

16*

19%

46%

14*

210

13%

3.00

a%

9*

31*

16*

19

46

, 15J “
1210
13%
292

a%

HoMnger ArgmM 25%

Hudson Bay Mnd
Hudson’s Bay —
do- Oil ft Gas— |
Husky Oil

lmaaoo — |

imp (Ml A._ —

Inco — — 4

Indal

fnter. Pipe. — J

Mao Blood el |

Marks ftSponcerj

16%

22%

6%

40%

22*

13

11

167g

19%
11

Massey Ferg J 2.65

McIntyre MlneuU 30%
Merland ExplorJ 4.96

Mitel Corp J 16%

Moore Corp.. — | 37%
Nat. Sea Prods A 8
Norande Mines. J 14%

27%

16%

22

7

40%

22%

13%

11%

167ft

BELGIUM (continued)

May 6

Petroflna.

Royal o Beige

Sod. Gen. Banq»
Soc Gen &elge«.
Sofina.

SoJvay —

T radon Elect..

UCB.

VleilleMont

4,620{ +S
6,59ffl *40
2^720 +20
1,274 -26
3,680 —20
l BOq -20
2,665| +36
190&1 +25

a.oso

DS4MARK

Stay 6

Prtee

Andelsbenkan — 4
Baltics Skand ....
CopHandelsfaankj
D. SukKertabu-
Danske BanlU— I

East Asiatic.

FOronde BeryggJ
Forenede Damp.!

GMT Hfdg. 1

Jyske Bank ^

Nord Kabel i

Novo Ind 1,726

Papirrabrikker .. B1.4J

Privatbanken ...... 135

Provinsbankan...

Smidth i FI)

S. Berendson..._.
Superfoa

113.2

361JBI

126

339

126

100.21

60S

413

275

175

136.61

+ or

-4LB

+3

+0.4

+0.2

+4

113.4!

217

606

95.6

-26

+ 1
+ 2.2

FRANCE

May 6

19*

11%

2.65

31

5.00

18*

37%

8

i 15

Nthn. Telecom .J 56%
OakwoodPet — j 10%

Paclfio Copper .J 1.66
Pan Can Petrol. _! 64%

Patino it. 19

Placer Dev 11% - —
Power Corp.... 10Si ! 10%
Quebec Strgn~^j 2.45 / 2.40

55%

11

1.90

64%

21%

11

Ranger Oil —
Reed Stenhs A„.

Rio Algom.

Royal Bank

Royal Trustco A_j

Sceptre Res. i

Seagram

Shelf can OH..
Steel of Can A^J

6U

12%

35%

207ft

13%

6%

66%

16*

19*

6*

12%

33%

21%

13*

6%

65%

26*

19%

Teck B. I 6%

Texaoo Canada J 23*
Thomson News* 20*
Toronto Dom Bk. 26%
TransCan Pipe.J SI
Trans Mntn. Oil a! 7%
Utd. Sisco Mines! 4.20
Walker (Hi Res-J 15%
Westcoat Trans- 19%
Weston (Geo) 33

6%

94%

20*

27

21%

7%

S.EO

15%

12%

35

AUSTRIA

May 6

Creditanstalt .....
Lander bank.......

Perlmooaeru

Sam peri I

Steyr Daimler
Veltacher Mag . M i

BELGIUM/UWfiMBOURfi

May 8

Price

Fra.

+_«

ARSED

1,374

Barm int A Lux__

4,050

Bakaert B

.1,900

+20

Cimont CBR

1,555

+ 5

Cookerill

190

-3

EBES...

1.850

+ 10

1 IL.iL. .IMPM

4,120

-10

2,650

— fi

G.B. Inno —

3.440

-30

GBL (BruXU

JL

+ 8

Goveert

ifiio

—5

3,350

+ 25

1.440

1 33'nt* 1 j ■fttijHW

4,310

+ 10

Pan Hldgs

6^30

.-10

Emprunt *>,% 187®
Emprunt T% I973J

CNE 5*

Air Liquids.

Aquitaine

Au Print emps

BVC

Bouygues

BSN Gervals

Carre four..

Club Monitor 1

CFAO.„

CSFC Thomson)..

De Ban cal re ,|

CleGen Eanx M —

Coflmeg

Creusot Loire.
CFP

Price
Fra. .

1.B53

6,350

145.1

178

+ W

-17
—135
+ 6

HOLLAND

May 6

ACF Holding.

Ahold
AKZO

ABN

AMEV

AMRO.

Bredero Cart

Boa kali ■ Western
Buhrmann-Tet _

Caland Hldgs

ElsevSor NDU

Ennla

Euro Comm TstJ
Gist. Brocades
Kelneken
Hoogovans ; —
Hunter Douglas^)
Int Muller —
KLM

Naarde’s 1

Nat Ned cert—
NedCred Bank—
Ned Mid Bank--!
Ned Uoyd

Price

Rs.

+ or

OcoGrtnten^..
Ommeren (VanU

Paktjoed I

Phillips — /

RUn-Schelde — I

Robe co —

Rodamco...._^ _i
Rottnco — —

Rorento—

Royal Dutah,-....!
Slavenburg's — ,,
Tokyo Pac Hg
Unilever...

Viking Rt»a

Vmf stork-

VNU

West UD Bank J

B4 JO

82.3
29.61

294.5

89.4
55.5|

201

51.3{

45J

33^

163.5]

129

75.7]
74.51
59.M

16.8]
7^

aij«

106 . 3 J

25 ,

118. 1J

34^

142

130
112JBI

23j9|

45

25J2I

28^1

209

122 . 1 ,

209.51

148.7]

92 JS\

93

207.5
138.1/
120 !
51.51
60.1
95

+ 2.6
+2J5
+ 0.3
+2
+ 1.4
+0.6
-1.5
+&8
-0.5
+ 0^
+2
+0.5

+0*
+ 1.4
-0.1

+0.5

+2.0

+OJJ

+0.3

+0.4

+3.5

+4

+ 1-2

+0J

—OA

+06
-2.1
+0^
-0.1
+ 1
+0.3
+ 0.6
+ 1.2
+ 15
+ 1-5
+ 1.6
+ 3
+ 0.1
+ 0.5

ITALY

DNEI

Dumez — <

Gen.- Occidental.'

1 metal :

Lafarge

L'OreaJ 1

Legrand J

Machines Bull^J

Matra ™

Mlchelin B

Moet-Hennesey..;

Moufinex 1

Pernod -Ricard. J

Perrier \

Peugeot-ftA.
Poclain ... i

Radiotech.— ..I

Redoute„ j

633

730
1,4801

1,692

688

590

171.8|

189.5
344.9

117.5
94

135
44.8
1,015
375 !
69.51
271.31
1,000
1,680)
28.1
1,248
827

731
61

394.5]
182
182
143
331
1,060)

+ 1.5
+ 2.2
-5
-14
+25
+22
+ 8
+4
-OJ
-1IL5
+3.9
+ 0.5
+ 1
-0^1
+ 0.3
-26
+ 21
— 1
+ 1.3
+ 15

-0.4
+ 22
—9
+ 5
+ 0JJ
+ 15.3
+ 6.5
-0.8
+0^
-4.5
+25

Roussel- Uclaf.

Skis Romalgnol.

Telemech Elect.
Valeo

291.251

620

806

240

+ 60

+2

+2.4

GERMANY

Mays

Price I
Dm.

+ OT

AEG-Telef

Allianz Vers.

BASF ^

BAYER 3

Bayer-Hypo^,

Bayor-Veroin I

BHF-Bank

Brown BoverL—

Commerzbank

Conti Guipmi __
Daimler Benz-„
Degussa

Demag

D'sche Babcock.)

Deutsche Bank-4

DU Schuit

Dresdnar Bank—)

GHH

Hapag Uoyd

Hoeehst

Hoesch |

Hoizmann (P)„

Horton

Kail imd sw/g . J
Karstadt ^„]

Kaufhof.

KHD.

Lufthansa 1

MAM

Mannesmann.

Moroedes Hlg.
MetallgesselL.— |
Muench Ruck .— j

Preuaeag^ ,

Rhein West Beet)
Rosenthal
Schorirg ...... .

Sicrtxm

Thysaon_

Vdrto H

Veba_ J

verein-W st j

Volkswagen..

43.5

474-Bl

134 .
125.5]

215.5
283.81

223.5!

201

192.5
146.8

36.5)

385.5
210
134

193

285.2

173

165.51

185

66

123.91

23.7'

397

117.6
1543

188.5
159
175

60
60 _
279.t
70

170*

143.5
248J
212
642

206.5
168^
260^

278.5
223 ,

83.rt
168^1
132.31
276
147

+0,6
+ 4.5
— 0-3
+ 0.3
—0,5
-0.1
-0.7
+3.S
-0.5
-1J
+ 1.1

+2.5

-0.5

-0,6

+0.7

-1.6
+ 0.5

— OA
— 0.4
+3
+ 0.6
-4.5
+0.5
+3
+0.1
+02

+ 0.2
-as
+ 1.8
-0.6
+<Lfi

+1
+1A
—2.5
+ 0.5
+4.5
-0.1

+0.5

+ 1.7

May 5

1

Price +or
Lire —

Asslcur Gen

Sanaa Com'ie....

1S6.22B +1,525
S0.4M +150
165.0 +4

Centrale 1

Cred Ito Varesinal
Fin* ..... .. j

4,580 +60
7,900 + 40
1,732 +26

36.0

2,580 +8
134,690 +140

Italslder 1

Montedison

1200

122.0 + 1.75
2 665 +16

2,470

1,380 +18
655 +10
16,450 +251
12,850 + 350

Pirelli Co 1

Pirelli Spa

SnlaViftoosa —J

do. Pref...J

NORWAY

May 6

! Price
iKroner

+ or

BergensBaks. — i 110.0)

Borregaard. 112.5/

Credltbank ! 136 I

Elkem- -.| 62 |

Koamos — ...i 325 1

Norsk Hydro 306 j

Storebrand .J 225j0i

—0.5
— B.5

+ 1

—3

+2.5

SWEDEN
May6

AGA.

AWa-LavaI,_^__
A8EA

Astra

Adas Copco. .
Bollden...__.
Cellulose

Electrolux

Ericsson

EsaoItfrfFrao) J

Fagersta

Portia (Free) _ _

Mo och Dom

Saato-Skania —
Sandvik (Free)...

Skandfa.

Stean Enskr/da..-

5KF S. M _. fc

St Kooparberg...
Sven Handelabn.

Swedish Matehj

Vohm(Frae) M

Price

Kroner]

190
211
163
379
107
208
227 ,
93.5
202
129

127
131
110
1&5
196
441
210

128
278

104

105
146

+ or

— S

+5~

+3"

—-2

+ 1
+ 1
+ 4
+ 1

+4

+T

SWITZERLAND

Mays

Aiuouisso

Brown Boveri

Ciba-Gelgy „.
do (Part Certsj-1
Credit Suhse.
Eicktrowatt ..
Fischer (Gao)

Hoff-RochsPtCts]

Hetf-Rooha 1/10

Interfood j

Jelmoil

Landis * Gyr —
Nestle—

+ or

OerBuLrile-

R relit

Sandoz (B).

SandoziPtCtsi.J

8chlndler(PtCtSH

Switsarl

Swige Bank

Swiss Rolnftce...J
Swiss Volksbk-

Union Bank— J

Winterthur

Zurich ins.

Price

m

BSHI

Auet.9

El

I ANZ Group

4.30

mm

lAorowAurt —

%30

-O.S9

1.40

— O.OB

‘irffiiSwil

1.50

0.06

1 ’ -4 ( 1 l* mp

1.52

+ 0.02

2.35

2.65

1.92

+0.02

2.74

+0.01

1.47

+ao2

1.10

+0.02

Bara)

2.55

-OJJS

Bl'vtlle Copper-

1^3

. +0.01

Brambles Inds....

2.18

• .

Bridge Off ..

2.95

—OM

BHP -

7.74

+0.10

Brunswick OH _

0.20

CRA

2.94

+0J»

CSR

3.28

1

2£S

-0.03

1 [V-;? >J| ( 1 ftp; 1 1 +^Ll 1

3.75

+O.0S

0.53

Do. Opts

Cockburn comt

0.38

1J7

+oM

Cotes (GJO — — .
Contelco —

2.12

1.77

+OM

Costain -

Crusader Oil

1.80

4.20

+0«

—0.82

0.97

.3J0B

0.2S

„

1,60

Hartogen Energy

2.70

— O.B2

0.98

ICI Aust

1.60

“

Jennings —

1.20

0.20

Jones (D>

1.55

+ O.OS

Kta Ora Gold

0.11

0.16

MIM

3^2

-rO.02

1 z ?

2.20

— 0.06

0.19

a

0.09

eei'-i-T

1.35

—OJSl

Nat Bank

2.65

News

2.00

—0.06

icinsmzriH

1.35

(North Bkn H U....

1.98

-0.03

IFfflwnip

1J2

— OJI3

1 f

0.50

L57

+ 0.02

0.12

I Pioneer Co -

U2

-0^11

0.09-

Reckltt ft Coin ...

1.80

Santos

4.90

+0.05

Sieigh (HO-

0.80

0.32

OJW

TTiosT Natwide...

1^0

1.72

*oM

0.12

1 Waltons

0.60

1 f«iM ■ 1 j (jyrj-*

3.85

+0JJ7

0.B1

1.63

UliB

2.52

—

HONG KONG

May 8

Price

+ or.

H.K.S

—

17*8

+ 0.8

1.55

M 1.

(Cross Harbour...

1Q.7

+ 0 12

1 Hang Sang Bank.

92

+0.5

1 1. if :

6.2

+ 0.Q&

6.46

+0.15

1 If

7.6C

+ 0.2

12.2

+0.4

( HK Telephone

29

+ 1 £

1 Hutchison Wpa-

17.4

+ 0^

I p p

19.6

+ 0.6

4.3

+ Oil

6.3B

I9HK Props

7.5

+CL2

1115

+0J

GjO

-0.3

5.1

3.0

+0.2

JAPAN

May 6

Price

+ OT

Yen

Ajinomoto — ..—1

S53

+8

I f.'ii'.'

580

+ 30

| Pr\'T\r ill< 1 1 ;

680

-a

440

-6 •

Canons—-

■ 839

+49

280

+ 6

Daiei..— . ^

527

+ 12

DKBO

483

—1

Dal Nippon Ptg—

700

+ 17

Oaiwa House —

336

■-?

Daiwa Seiko.

385

-1

390

-5

Eisal - —

850

-9

Fu|l.Bant~.-...._

500

Fuji Film.—

Fujisawa

1,510

M50

+40

+70

Fujitsu Fanue....

5*959

-70

G reap Crow-.

2,080

+40

Ka«egawa.

556

+9

HolwaMEMt......

BBS

—3

JAPAN (continued)

May 6

+ or

Kubota.

Kumgaal ...

Kyoto Ceramic — 1

Lion ...

Maeda Cons.—

Maklta

MarabenT— —

Marudai..

Marul...

332

440

13,280

386

576

740

287

605

-Matsushita 1

M'ta Elea Works.,
Wbishl Bank...,..!
M* bis hi Corp.
NTbichl Elect—

M’bislii Rl East J

MH1 —

Mitsui Co

Mitsui Rl Est.

Mitsu-koshi

NGK Insulators—

Nippon Denso—
Nippon Gakki —
Nippon Meat.— «
Nippon OH-..—
Nippon Shfnpan.
Nippon StaeL. —
Nippon Suisan-,

NTV —

Nissan Motor—
Rlsshin Flour— 4
Nlsahln Steel...

Normura- —

NYK.-.

Olympus.

Orient-

Pioneer - —

Renown — ...

Ricoh..

Sanyo Elect. J

Sapporo — !

Sekisui Prefab —
Sharp -
Shisledo
Sony

Stanley

S'tomo Marina _|
Tttihel oengyo,— 1

Taisei Corp .]

Taisho Pfxarm....
Takeda

TDK

Tallin

329

161

472

272

910

1.360

1,630

726

565

458

256

720

790

850

[3,520

370

230

533

272

588

875

«,730

259

Teikoku Oil | 921

TBS : 1 465

Toklo Marine —

Tokyo Eject. Pwr ,

Tokyo Gas
Tokyo Sanya - — ,
Tokyu Corp —
Toshiba —

TOTO,

Toyo Selkan .....

Toyota Motor

Victor _.

Wacoal

Yamaha —

Yamazaki — .
YasudaFiro ...

Yoj^awaBdge^

477
890
112
466
202
359
417
463
1,060
(2,560
1 730
768

SINGAPORE

May 6

Bou stead Bhd,...,

Odd Storage. [

DBS.. — J

Fraser ft Neave '

Haw Par ....J

Inchoape Bhd,
Malay Banking__j
Malay Brew..—

Sima Darby-
Straits Tig—

UBO

+ OT

tOJJ
+0M
*+0 JBS

—0.62
+0.81
+ 0M
- 0.1

+0^8

+0.W

+0J2

Hitachi

Hitachi KoH —
Honda .... '■•MltMMi
Houaefood-.^-

Hoya

I tan <Q

(to- Ham - — —
ltoYokadO-.™,.

JAGCS

JAL

Jusoo -

Kajima

Kao Soap..—.

Kashlyama
K1 kko man. -
Kirin

Kokuyo

Komatsu

Komatsu. F*11tl

Konishroiku __

635
508
781
1X170
780
287
400
836 I
, 465
2^30
B7E-,
366
610
810
3S3
433
930
473.
415

s 618

+23
+ 13
+25
+40
-7 '
+ 2

+ 11

-10

—13

-1

— 1.
+ 10 *

+25

SOUTH AFRICA

May 6

Aberoom

AEfrCI - ■■■■■■
Anglo Am...- ....

Anglo Am Gold J

Aaigkj Am Prop J

Barlow Rand
Buffets

CNA invest

Currie FlnanctewJ

Price +or
Rend —

DeBoers.-.-..
Driefontein ..

FS God u Id- — „-4

Gold Fields SA.
Highveld StaeL—
Huletts-
Kloof

Protea Hldge^
Rembrsnt.-.-.^
Rennies
Rust Plot, — .

Sage Hldg

SABrews

Tiger Oats..—..
Unisec

-OJB

-OJft

+0.W

+ 0 #

-CM

Financial Raafl USS0.ni

(Disconnt of 18i%)

BRAZIL

May. 6

Banco BrasJi...^
BelgoMiTi— ....

LogasAmer^...-

PetrobrasPP-.-
Souza Cm
UnipPE.-- —
Vale (UoDoco-..

Price +«

Crur —

Leo +S*®

13.401 +A»
4* '+0J®

JO.SOj +0^
10-1 61 +OJS

i8 -°2 + n «

.Turnover; d,2^BTl An.

• Uofcmw 3TO.Sm.
Source:. So da Jmerro SE,

on the

MOTES— Priest pa thiji page are M quoted:
wirfuat ucOiangea and ere last traded prices.!

xd Ex dividend, xc Ek scrip (seue. . xr Ex I'lgnM 1

suspended,
xa & aiL

.r. 1 ^ '.

f I

•ItT"'*'*.

V> .

L.*V

•Wiv :

\

a - v ?

I ^

,8t

ce nts

in

^fl! Ba*

hi i

V

-are

".'w

rrr.ft rp°n L.

1 b!1 >«^ji

\' a "> ai>*

? Jf - iS
° 1,1

i:, 'l

'.•'l^Oll L 1 ?

ids-aH
■ ' «*

esburg

Z. ■**!* t

••■' **1^

-'■■id s.

*^ r *!B !>■

"xi^S

:■,?

■=- :Orr-3 Sbtdifj

r.

'3_- a::t t

:r i:*« _.'-.-

;:•• :-ls'. —

; :;•• ?.w_ :

V. •-■■■•. • 5

(..-• - R-

,-s

3 A-* 1

•'■ Finaiidal Tnnes FridayMay 7 1982

ConpniesrawS Marfcsts "■•-■•-' 1 ~ -

LONDON STOCK EXCHANGE

39

Markets revive following fresh diplomatic attempts
to solve Falklands dispute— UDS weak on figures

Account Dealing Dates
Option

*FIrst Deelara- Last Account
Dealings lions Dealings Day
Mar 29 Apr IS AprlG Apr 2$
Apr 19 Apr 28 Apr 29 May 10
Apr 30 May 13 May 14 May 24
■* " Now. lira# " dealing* may ‘ take
Plaeo (rent 9.30 am two business days
earlier.

Renewed urgency to attempts
to sofre • the Falkland Islands
crisis through diplomatic chan-
nels gave afresh heart to Loudon
stock market* yesterday. The
more hopeful outlook encouraged
dealers to mark leading shares
.sharply higher at .the opening as
buyers began to show interest.
Double figure gains were -fairly
numerous at rhe start with elec-
tricals well to- the fore. How-
ever. initial demand lacked sub-
stance and quotations soon began
to drift away from best levels.

The underlying tone held
quietly firm, poor results from
UDS, which tumbled from 74p to
56p, accounting for around 5
points of the -tumraund in the
FT 30-share index which closed
only 1.5 higher at 567.9. after
reentering a jump of 12.9 at
10 am. - The FT-Acftiarins 500
share index rose 1.4 per cent to
register a record high of 361.7S.

Overall trade in equities was
at a low ebb. but several firm
features arosa in response to
company trading statements.
Among the sectors, Composite
Insurances staged a useful rally
following Wednesday's coof res-
ponse to poor first-quarter figures
from General Accident
Apart from the ray of hopsc

over the Falklands. Gilt-edged
securities were also helped in
the late dealings by eariy
farraglh in U.S. hands following
reports that the Senate Budget
Committee and President Reagan
had readied agreement on the
X9S3 budget

Long-dated stocks had opened
a point higher pad then .fluctu-
ated nervously before settiinR
with gains ranging to lj and
sometimes more. Treasury 21*
per cent 200347 (dosing 1} up at
91 J. Short-dared issues also
benefited . from easier money
market conditions and finished
with rises extending to i; -ihe
Government Securities Index
jumped 0.61 to record its Idlest
une-day advance riace the Argen-
tine invasion io a level more than
4 per cent up on Iasi mouth's
low.

Standard Chartered up -

Standard Chartered advanced
40 for a tv.-o-day jump of 50 to
675? on investment buying in
anticipation of gob” ex- the 50
per cent scrip issue m ten days'
time. A static first-naif profits
performance unsettled Royal
Bank of Scotland, which eased
to 100? before closing a net 4
off on balance at 102?. Hopes
of a diplomatic solution to the
Falkland Islands crisis helped
Lloyds to rally smartly to 412?
before a close of 4Q6p. up 11 on
the day. Other major dearers
also improved, with Barclays and
Midland both improving 4 to
452? and 326p respectively.
Among Discount Houses, Ger-

pence per shard

FINANCIAL TIMES STOCK INDICES

May

6

May

May

April

30

April

20

April
£8 -

»A ’
year
ago

Govern moni Sees....

Fixed Interest ...

Industrial Ord

Gold Minos

Ord. Div. Yield

Earnings, Yld-Sffullj,

P/E Ratio (neti (*} '

Total bargains

Equity turnover £m.>
Equity bargains '

68.2B
63.02
576,'9 :
231 ^
5.42
11.82;
lO.BSl
16,2 1 o|

7” i

— I

67.67
6&26<
578.4
2363,
5.64
. 11.52
10.87
16,049'
ISO.Og'
12,636!

67.98;

68.39'

584.2:

239.9

542:

11.3ej

11 . 02 '

16,638;

129.22'

13,190

87.70

68.12

575.1'

248.0

6.61-

11.65'

10.84;

15,560

143.26.

13,782!

67.86,

66.1 a!

592.0

246.5]

8.44-

11.40]

IOM

17,394'

171.94,

18,033:

67.70 66.74
68.00' 69.39
S753j 564.6
2S2.fi: .351.2
549) 5.84

10.89 11.56
11.62 10.62
15^G7| 21,564
129.071131^08
13,331! 15,570

10 ore 5E8.3. 11 am 5S3.9. fJsbn 579.5. 1 pm 538.9.

2 pm 578.2. 3 pm S77.7.,

Basis 100 Gcrvr. Secs. 16/10/26. F.jicd Uil 1323., Industrial Ord.
1/7/35. Gold Mines 12/9/56. SE Aonvcty 1974.

Latest Index 01-246 8026.

•Nil = 10.10.

HIGHS AND LOWS

S.E. ACTIVITY

1982

I - I

[SinoeConfpilat a

High l Low High i Low

Govt. Seee...;

. 69.55 1 61.89 : 127.4
•i!5/5) j 15/11 >.9/1/15)

Fixed Int.... 69.74 • 62.79 i 150.4

1 Mey ;

• ; 6 i

y

'.—Daily ■ I

Gilt Edged :

Bargaina.;,, 157.4

152.2

50.53 Bargains..'

Ind. Ord ...

. Gold Mines /

<241 j (7/1) .<88/11/47) (Zi 1/75) , Value

584.2 I 618,1 1 597.3 I 49.4
(4.G) (6ll) (504/81] (?6*;«) i e, 1 t55||5 ’

302.0 ! 209,2 : 558.9 ; 43.5 (Equities
(5r1) i i9/3i jBBiSjSO) (26/10,71/; Bargain a...'
> I -Value

81.9:

262,9,

85.5

26141

142.8 140.7

88.1;

2644

89.1

285.6

rard and National put op 5 to
283p fnllnwing satisfaciory
results. Merchant banks were
featured by a rise uf 7 to W^p
in Hambros.

General Accident's poor firsi-
quurier figures were pushed into
the background as Composite
Insurances moved higher with
the general trend on Argentine
peace hopes. GA at '.K&p. re-
trieved half of the previous day's
decline .of ' S. -while. Phoenix
gained 8 at'ftfflp. Commercial
Union, the next in report firsl-
q uarter results next Tuesday, put
on 5 to 131p. .

Inclined firmer in early deal-
insv leading Building usually
retained, modest sains. Costain
firmed- 6 to 254p with the
Deferred 4 up at 240p; the pre-
liminary results arc due ne\t
Tuesday. Elsewhere, F. J. CL
LUley put on 4 -tu 153p and
French Kier lj io llf>p on the
anmumcemenl. that the com-
panies had won u joint, contract
worth appruriinaiely ' £l?in.
Helical Bar closed a peony
dearer at 16p despite the annual
loss and dividend omission..

ICI touched 328p' in early
dealings before drifting off on
lack of following-through support
to close 4 dearer on balance at
324p. RentokU. still responding
to the chairman's confident state-
ment. added a penny more to
163p, while- Amersham Improved
4 to 312p.

UDS slump

Marked up to 7Sp at tho out-
set of tr ading . UDS shook .the
market by announcing prelimin-
ary results same £4m below- most-
estimates and slashdnj; the final
dividend: sentiment was also un-
settled by the chairman's dis-
couraging remarks on future
trading and the shares- slumped
to 55p- before dosing a net TS.
down at 56p. De ben hams, annual
results &ie later this momii,
eased a couple of pence to ?4p,
while Rayheck shed 3 to 3Sp.
In contrast, other Stores made
useful progress. Gussies A nose

10 to 49Jp, while Marks and
Spencer added 3 to J61p. Wool-
worths, still buoyed by talks of
a bid for the US. parent, firmed

11 more to 4Slp. Moss Bros,

which announced a return to pro-
fit; last wek, attracted renewed
speculative interest and advanced
15 to lSSp; while support was
also shown far Harris Queensway,
ti dearer at lSOp.

Firm condilioos returned tu
the popular Eluctrical leaders
which figured prominently in
the market's advance. GEC rose
14 Ui S7‘ip, vehik? Plcssey and
Racal improved 10 apiece to thu
common level of 40fip. BICC
gained 7 at SL’fip but Thorn EMI
rcaeted from 427p to finish un-
changed on the uay at 420p.
Elsewhere, still rcttecLmg the
Egyptian optics contract, United
Nrienllfic jumped 13 more to
35Sn. Revived bid hopes helped
Ferranti to .put on 12 to 70Qp,
after 7DSp. while investment sup-
port prompted a rise of IS to
!03p in Euro therm.

Support cd up to 173p in the
early dealings, GKN retreated to
tiuish only. jl. penny harder on
balance at M5p following the
chairman's cautious statement at
luc AGM. Other Engineering
majors reacted jn sympathy and
Tubes .lost an early, gain of 6
to end unaltered at the over-
night level of 150p, hut Hawker
managed to hold a rise of 4 at
334p. after 33&p. Hopes of an
increased bid front Charter Con-
solidated left Anderson Strath-
clyde 2 up dt I41p. Chemring
gained 13 To 30t>p. SAanding 6
hettcr immediately In front of
the half-year figures. Moss re-
acted sharply on the interim
dividend omission and £1.3 5m
interim' deficit to close a net
•panny cheaper at 9Sp.

British Sugar highlighted
Todds, touching 525p before
dosing a nct.'fO up at 500p
following the sharply increased
half-yearly, profits and dividend
forecast, On . the other hand.
Kwik Save, standing 4 higher
awaiting the Interim results,
reacted on the uninspiring
figures to close 4 cheaper on
balance at 240p. J. Sains bury, a
particularly strong market re-
cently, shed 10 to fi35p follow-
ing cautious comment about the
.preliminary results. Elsewhere,
renewed suppnrt lifted Rowntrec
Mackintosh 6 to a 19S2 peak of
ISOp. .

FT-ACTUARIES SHARE INDICES

These Indices are the joint co mp ila t i on of' Hie Financed Times, the Institute of Actuaries

and the Factity of Actoaries

EQUITY GROUPS
& SUB-SECTIONS

Figwes in parentheses show nuntser of
stocks per section .

Thurs May 6 1982

Index

No.

o avs
Cmage
%

f>

. 8

9

' 10

a

22

25

26

:

27

29

32

;

33

-

34

0

35

36

39

41

J

42

44

;.

45

46

]■'

4ft

<*.

51

j»

59

!/

61.

62

4*

• 63

65

4*

66

67

s

68

(

69

70

t

71

•i

81

91

y

99

CAPITAL GOODS (208)

Building Materials (23/

Contracting, Construction (28)

EiectrrcahI31> —

Engineering Contractors r

Mechanical Engineering (67)

Metals ind Meial Forming Ol)

Motors (21) — —

Other Industrial Materials (18)

CONSUMES GROUP (201)

Brewers and fXsxifters (21)

Food (manufacturing (22)

Food Retailing (14)

Health and Household Products (8)..

Leisure (241

Newspaper^ Publishing (12)

Packaging and Paper (14) —

Stores (451

Textiles (23)

Tobaccos (3)

Other Consumer (15)

OTHER GROUPS (78)....

Chemicals (16)—..

Office Etpiipment t4)..

Stepping and Transport (13)

Hfeoeflaneous(45)--

ihdustmal GROUP (Wk-

oas(i3)-

500 share umex.

FINANCIAL GROUP (117).

Banfcs(6) r....... - —

Discount Houses (9) —

Insuraace (life) (9).,

Insurance lC«n»sHe> <10>^
lnsoranceBrokere(7) — : —

Merchant Barries (12)...^

Property (49)

Other FnBPCial (15> ^

liwestmern Trusts 012)

Mining Finance (4)

Overseas Tmdrrs (17) — . —

99 I ALL-SHARE INDEX (750) .

38459
337.4S|
625.591
1365.44]
494571
203.461
367.77]
95.15]
378 98

308.07]

27655

618.42]

448.77

445.77
529.97
14612
28220

17652

344281

289.99

25619

339.26J

58L551

327251

3Za05]

742.6ffl

361.781

249.75

264.96

2S.09

268.24

15436

49159

14757

432.05

377.17

29758

21277]

373 m

33Z54

+15

+13

+L0

+L8

+22

+15

+26

+3.4

+05

+13

+26

+13

+05

+3.9

+L4

+0.2

+28

+20

+L4

+24

+13

+13

-02

+23

+33

+1.4

Est

Eanugs]

ywd%

(Max.)

955

1385

13.90

6.85

1337

1132

10.14

247

955

1267

1530

16.42

9.09

7.71

1026

33.01

15.64

10.45

9.65

2X61

X71

13.40

3328

34.47

1936

1X50

1151

Gross

Div.

Yield %
(ACT
at 30%)

420

523

456

2X7

6.19

574

7.08

7.06

558
5.49
633
6.74
3.40
341

559
5.91
727
422
5.70
7.98
539
6.16
6.81
7.85
682
506
5l10

+13

EEI

723

+X4

+13

+X0

+0.9

-0.2

+1.4

+8.6

+13

+L0

+35

+0.4

+06

-03

+12

1339

3954

nan

4.97

1737

1458

14.02

555

65 9
8.06
9.76
6.82
937
5X7
5.75
354
6.44

5.42

&63

851

5.78

BL

PIE

Batfe

(Net)

13.00

8.72

8.43

18.67

283

30.69

1240

32/6

957

728

7.33

1330

1506

3216

9.77

7.44

1279

13.42

521

8.97

9.00

8.41

5.96

1059

1050

533

9.06

277

1205

26.90

651

854

8.70

Wed

T

Index

No.

378.91

33X17

61912

1340.94

488.76

19854

36516

.9334

37523

30580

31028

27284

617.92

44244

43973

52893

144.70

279.0

17X65

336.06

29039

25X00

335.0

U1S2

56860

32300

32X62

73272

356.91

24706

26236

223.96

268.63

152.19

488A9

MX50

42793

171.17

296.61

2X52

374S

32852

Tuts

r

Index

■No.

38X09

336.09

62357

135506

49S01

200.74

16858

9483

38129

31005

30657

276X9

62632

44465

44822

532.05

14627

284.16

17567

34197

290.44

25563

33923

1335*

5G7J6

32687

32762

74UH

36166

24934

265.40

223.98

26980

154.42

49206

34442

432.90

17069

29900
214.61
377 -12
332.55

Fri

Afrit

30

Index

No.

37651

33162

61221

133172

495.01

195.9-

165.95

9X97

37532

304.92

300.20

27X06

61X99

0505

444.76

530.09

144.79

278.65

175.49

33438

29251

25106

332.05

11213

56109

32116

322.06

744.96

356.0

24612

'260.74

23.98

26639

152.07

48281

14479

42928

16832

29678

21X91

374.67

328.09

Thus

April

29

Index

No.

37934

33682

61X44

1337.44

49954

19700

16838

9428

379.17

30788

302.74

Z7S33

6170

0607

447.62
52753
10S
282J3
17662
34280
294X0
252.41

332.62
11455
56583

323.07

324.75

75X70

35X78

248.62

26X38

225.46

26854

15X32

49132

144.96

020

16807

299.40

214.73

37171

33L09

Year

a9o

Uppm.)

Index

No.

346.18

3X7.66

58373

104199

48954

21659

17232.

10867

36637

283.06

30452

255.92

53620

30119

43056

527.70

15194

28X71

16614

2S658

30X60

23903

30X31

1180

60X39

30016

29883

8UL7S

339.75

254.75

25450

30175

25058

163.02

38018

15X62

45X07

17006

253.90

47X02

32190

FIXED INTEREST

PRICE

INDICES

Tim

7

<£&

%

wed

7 -

xda4
. today

rial
1982
to da*

MU* Boremmcot

12071

110.35

054

453

2

5-15 years*

11054

40.95

109151

-

433

3

OBwISyriWt— i-

11353

+119

112.48

029

522

4

inf*w*«es — -

117.31

+131

—

60?

.5

At Sacks. . ■

1^1 9Z

+087

11057

076

4.66

|

8134

MOL

|^1

3.96

275

AVERAGE GROSS
REDEMPTION YIELDS

— W-l P-,

Brain so wp»

Low

Capas

Medhia

Cotfons

Hjgh

Capons

inedeenoble —

5 jstl

15 scars.....,.^..
25 ycais..o..M^

5 ym*

15

25 years. —

5 jeas* ......

15y«ais*

25 jearw

— fl

Thure

May

6

lias

32JB3

1176

.14517

1358

1358

13.93

1AM

•13.60

1246

Dt*s& Leans 5 years

15 yean

25 wart.-.-

14.95

1185

14.78

15.47

Wed

Hfey

120

1293

1290

1424
14.06
1X56

-1«3

1425
1177
1262

15.06

1497.

14.92

Year
*P •
(approx.)

1)B

1273

1285

1196

140

1402

13.93

1459

1420

nn

NEW HIGHS AND
LOWS FOR 1982

The following Qvautlont in the Share
Information Service vesiertny attained new
Hlflhs and Lows /or 19B2.

NEW HIGHS (97)

BRITISH FUNDS CIO)
Trm'Siaoc 'B2 Each lOpt 1903

Each 9 UK 1982 Treas 3oe 1BB7
Exch OUpc 1933 Treas 7 Upc '85-88

TrcOT-Dlioc '83 Trnnort 3oc '78-88

e«ch 13>:nc - B3 Trcas 8Uoe '87-90

CORPORATION LOANS (1)
Glasgow pUnc *80-82

COMMONWEALTH LOANS (1)

NZ 7I;DC B3-56

LOANS (SI

FF OJK Fm 7U0tA Ntwd 16Uo« 17.1.83

Dh '89-92 Do ISSxpc 7J.83

AMERICANS Hi

Lowes

BANKS (2)

Bank LeumL tUKi. HK Sbcnshal
BEERS f7l

Border Brews Whitbread A

Irish Distillers Voniw Brew A

Marstan Thompson Do N-«tg

Scott & Newcastle

BUILDINGS CIO)

BPB Inds Mlios and Hill

Bell war London Brick

Bryant . Ruborold

Cotimrysido • :Tilburv Grp

Hewden-Stuart Wilson (Connolly)

CHEMICALS <3)

Anchor Chemical Stewart Plastic*

ICI SwPf ■

STORES (5)

Amber Oav Rcrd (Austin) A

Church Vantona

Harris Qufseoswar

ELECTRICALS IIS)

Bowthoroe Fn rant/

CambrWBc Elect CEC •

ESI London Oceonie*

Elcctracomponenta Plcssea

Euro therm Int Utd Scimtfflc

ENGINEER I NG (9i
APV Martonalr

Anderson Sthclvdo SotraK-SarCO

Blrmid Oualcaat victor Prdcta

Chemring Whcs*oo

Hill t. Smith n

FOODS l2l

A*ana Rowntrea Mktosh

- ' HOTELS (II

Brent Walker

INDUSTRIALS (14)

ICC

Jardlne Matheaoo
Prestine

Smith & Neohrvr
S barrow (G. WJ
Sterling Ind*
Vtntcn

E ere ham
Blundvir-Prmulze
Cosalf
Xtom Hldgn
. DuLiv CltunUStiC
- EquIDti
Huntlelgh

LEISURE (1)

MOTORS ill

<UK ' NEWSPAPERS <1>

Pea non Lnnfliiiaij

PAPER

AID DBG

Aland Paner

PROPERTY (1)
fieazer iC. H.)

SHIPPING (21

Brtt Cmwlth PtOHI

TEXTILES (3)

CrtauhH 7ocDh 8Z-7 YorLIVdo

s,rtlBr .. TOBACCOS nj
Rothman,

Caledonia Inv* Oil A Aiccd Inv

Lowland ln»t ^^SPIIT Ire

E Scotland Oiuhore

NEW LOWS (34V

AMERICANS (2)

Crown Zrilerbach . Kaiser Aluminium
CANADIANS (6)

Bk of Montreal Hawker Sldd Con

Braxan JjKO

Canagian Imp Bif^Roval Bk can
STORES. (1)

uos; : -

MMot

Needier*

MY Dart

ELECTRICALS (1)
FOODS (1)

Interest in leading Hotels and
Caterers, revived. Grand Metro-
politan adding 4 to 214p. and
Ladbroke 6 to IWp. Elsewhere,
Brent Walker put on 6 for a
two-day v sain of 11 to 91p on

speculative interest.

Renewed hopes of- a
diplomatic solution to the Falk-
land Islands crisis prompted a
useful rally in Lhe miscellaneous
industrial leaders, Pilkingion
were notable for a rise of 11 to
245p, while Glaxo advanced ft to

620p and Bcecham 6 to 269p.

Elsewhere. Norman Hay greeted
higher annual profits with a rise
of 6 to 4Sp, while Marshall
Universal hardened a couple of
pence to 82p for z similar
reason. Defence spending pros-
pects attracted renewed support
to British Aerospace, which
gained 6 to 2Q6p, while AGB
Research advanced 10 to 2S0p.
Granada A put on 6 to 23Sp and
I CL 4 to 57p. Investment buying
lifted Vlmen S to 2G6p. while
Maynards revived with a rise of
6 to 176p. Against the trend,
MX' Dart fell 3* to 24p. after
23p. on the £0.2m loss and final
dividend omission.

Management Agency and
Music came under pressure
following Mr Gilbert O'Sullivan's
royalties victory and shed 9 to a
1982 low of S9p. Trident TV, a
particularly dull market on
Wednesday, rallied 51 to 82lp:
the "decision on the companies'
casino licences is expected next
Monday.

Newspapers look a turn for
the better. S. Pearson rose 8 to
244p, with Pearson Longman
rising 11 to a 19S2 high of 34£p
in sympathy. Elsewhere, DRG
added 3 to 88p after the chair-
man's statement- at the annual
meeting. Associated Paper, in-
terim results next Tuesday,
added 2 more to 73p.

Properties participated in the
general improvement, but
business was sparse. Land
Securities firmed 5 to 291p and
MEPC 3 to 195p. Following the
interim results, Thames Invest-
ments were adjusted to a 1982
low of U4p before closing 2
cheaper an balance at 116p; the
12 per. cent convertible was
marked down to lOfip before
dosing a net 10 down at 108p.

Sentiment in. Oils was not
helped by the BP chairman’s
gloomy statement about current
trading and the leaders, after
opening' around 8 higher, drifted
off to close below the best.
British Petroleum finished, 4
firmer on balance at 314p and
Sbell 6 dearer at 414p. Among
secondary issues. Carless Capel
dipped to X72p on the 16.7ra
rights issue proposal before
rallying to dose unchanged on
balance at 178p.

P & O Deferred continued to
attract strong support ia the
wake of the excellent pre-
liminary results and advanced 8
for a two-day gain of 11 to a
1982 peake of 151p.

Textiles finished with modest
gains, where altered. Nottingham
Manufacturing, 175p, and Coats
Patons, 6p, both added 2. while
Corah finned a similar amount
to 47p, tile last mentioned follow-

ing the chairman's statement at
the annual meeting.

Golds weak

Another poor performance by
mining markets followed a fur
ther decline in precious and
base-metal prices amid wide-
spread confusion over , the
situation in the South Atlantic.

South African Golds moved
narrowly in nervous trading with
rumour and counter-rumour
tending to discourage new

business.

Golds consequently drifted in
idle trading and the Gold Mines
index gave up 5.1 more to
231.2 — its lowest level since mid-
Man-h— reflecting fears that the
bullion price could fall further.

South African Financials
mirrored the trend in Golds.
Gen cor were particularly vul
nerable and dipped 50 to 750p
while UC Investments gave up
40 to 420p and “ Johnnies'* £11
to £25j. Transvaal Consolidated
Land dropped a full point lo £20
following the interim figures. -

In Australians, Coitus end
York improved 3 apiece to 18±p
and 21p respectively and
tfetramar 2 to ZSp following
news that Lhe Pisces 1 wildcat
well in the Bass Strait — in which
all three are participants — is to
be deepened by approximately
242 metres to a target depth of
2,772 metres.

. Demand for Traded Options
held up relatively well and
1,561 deals were arranged, much
the same as Wednesday's 1.5SS
but well below last week's daily
average of 2,303. Calls totalled
1.266 with a considerable amount
of money again directed towards
P & O Deferred which recorded
404 trades. 99 in the May 130s
aDd 173 in the May 140s.

OPTIONS

First Last Last For

Deal- Deal- Deelara- Sett Ic-
ings ings tion ment

April 26 May 7 July 29 Aug 9
May 10 May 21 Aug 12 Aug 23
May 24 Jane 11 Sept 2 Sept 13
For rate indications see end of
Share Information Service
Call options were arranged in
Premier Oil, Charterhall, ICL,
European Ferries, Dewhurst and
Partner, Courtaulds, Rothmans
International, Trident TV A,
Sun Oil. Swire Pacific A. Fobel
International, Com ben. Pancon-
tinental, Woodsidew Turner and
Neva! I and Greenall Whitley.
A put was done in Plessey,
while doubles were taken out in
Rothmans International, Wool-
worths, First National Finance,
Trident TV A and Chloride.

msesT and falls

YESTERDAY

Ri*ra Falla Sam*

British Funds

Corprts., Dom and

Foreign Bonds ...

Industrials

87

38

454

Financial & Props. 146

Oils
Plantations
Mmss
Others ....

38

25

30

— 6

— 37

88 803

56 306

12 59

3 ‘ 20
BO 75
81 40

Totals 816 300 1,346

RECENT ISSUES

EQUITIES

I

Issue

price

'P

1932

5s‘5« D !

< ~ -'c > u;

Stock

<= j High i Low

I9e

||S

io

; ci e

i . b;o Ei

i7 6*n Ph 1

S-=i|U*5 .

a ;+«r.ISg£S!eii£;
• - 'O . |.p Sioo-M-*

140

16

{105

;260

60

(102

<150

1250

J !t

|12D

136

rr,

161

30

109

335

62

155

FJ*.H4/5
FJ». 15:4
F.P.21'5
FJP, 4,6
F.P. B8.5
F.P.: - __ .
F.P, 28,5 ;147
, - - .16
•F.P. 14/3 '250
F.P. - 275
F.P. 7/5 134
:F.P.i - 1 30
FJ». — 43

F.P.;13/5 141
IF.P.i - 90

[140

19

,105
,295
' 60
jl£2
140
: 10
'845
267
120
30
! 59
jl35
70

] AIM Group lOp.. .... 161
'Cambrian a Cen.7ip ; 30
*Casa Group 10p.».!106

.•fiCont. Microwave-. i3a5
•SDeBrett/Andrei «Op 60
'Dew (Geergei.....u-^. JJ7
*50 ruck Hldgs. '147

Leisure Inds.... »....j!22

■Osprey Assets a0

■P. H. Industrials j 45

[Standard Sacs.. .... ...leg

Zambia Cons Opr 10KI 70

+2 bd5.7b
Ul • -
I— I ‘ud2.5r

,-r IQ 65^5

D3.5 ;

: +V"'Si !

f 1 ~ i

! ...... bl7ji

+ 2 bB.O I

• F1.4 j

;-*2'»,b5.5 :

j !

1.9 S.ljlO-

5!a! 3.4 ’is!** f
Ml 2 A 12.4^ ,
2.1; S.S.IU*' i

4.01 6.4- SJB.:

2.5 2.2 25.5- I

Z>ZlZ’“ '

2,5 1 9.4] eV I
2^;5A8.3-
- : 6.7 — ... .
lA11.l!7.i'

1.2 2JB 49A- ,

- )

FIXED INTEREST STOCKS

Issuo

a-*
pries . ot»
£ - Ee

<a

a — o |

a -S = o:

I— c B
l5§T>
- J e

1982

, High , Low ;

stock

Bk

,S“ '

I Sz
1 Ol

100 F.P.
c 100 £10
(99,393 £25
f 100 £10
" FJ».
(100 F.P.
rlOO F.P.
S100 F.P.
i' 107 F.P.

14:4

24.-6

,14/7

1/7

29/4

.116 : 110 :Boddingtons Brew 9 >:%Cnv.Ln. 2300.05 [111 !+1~-

! 11)4 lOiz Bristol Water 9% Pref. - [ UV+ 3 *-e •

. 25 21i; Cred. Fonoier do France 14E£ Lon.2D67 , 244 + s * ‘. B

, Xl <2 'llifi East Anglia Water 9& Red. Prf. 1987 M 11** — ^
:136 .136 ; Firat Nat. 12^pe Conv. Uns. Ln. 1987„,136- I -

lOOJei B9Sn.NationwideBdg.Soc. 14UH (14j3/B3).il00lj| + rtr-- i

100*2 995al Do. 1414? 14)4/831 llQDIc'+lfci* |

'1003*100^ Do. I43i5i 125/4:83) _.ll00S ; i+V 1

111 ! 109ielQueen£ Moat 1(^% Cnv.'B9-gi._ ilia [+2J«- I

“ RIGHTS 99 OFFERS

Isauo

price

P

c 9 Latest

= ~ Re nunc.

: 1

1982 j

a i

He

5- |“:

SSL: •

■

. High .

Low -

10

F.P. ! 27/4

28/5

1

X35 a ;

1

13 : Ansbocher (H.) 5p.

[ t >

Ilia]

15pm. _._~
155 ;+1
6i2gmi+1,' t

170

125

Nil il3.5 24/8
F.P. 2 1.4 28/5

- 20pm 15pm, Bank Leumi /UK) £1

. 156 l 135 Beazer iC. H.) 10p.,.

60

20

F.P.130/4
Nil 10/5

28/8

21/6

86 1

| lpn*

42 .Fisher (A./

43 --i

ijpmi

500

iSR

50pm. —
159 '+4 .

F.P. 7.5

4/6

145

Nil .12/5

7/6

42pm]

] 14pm

54pm!— 2 ; .-
6pm 1

18

Nil 121-5

4;6

4pm 1 North Kalguri

6

27

F.P.,'19/4
F.P. 29/4
F.P. 16:4
Nil :14«5

21/b

27/5

! a
; 2813;

6is,Ptatlgnum 5p

26 is; Queens Moat_

71- ....^
28 i E l+ ia-
107 j +2-.-1

6 ?8Ei ::z

lBpm— 4 : -

170

11/6

1 52pmi

1 1 S 1 -!

1 22pml

10

133

F.P. 1 24/3
Nil 110 5

23/4

10)6

lbic|Sturta lOp

13pmiV(ckers (£1)

i

Ranun elation date usuelly last day tor dealing (ree at stamp duty, b Figures- ,
based on prospectus estimate, d Dividend rate paid or payable on part ■
capital: caver based on dividend on full capital, g Assumed dividend end yields :
r Indicated dividend; eovec relates -to previous dividend, P/E ratio based on lare^ r
annual earnings, u Foiacast dividend: cover based an previous year's earnings! [
F Dividend and yield based on prospectus or other official ostimstss for 196Z! -.
Q Gross. T Figures assumed. ® Figures or report awaited, t Cover eilows fop- '
convert ion of shares not now ranking (or dividend or ranking only for restricted
dividends. S Placing price, p Pence unless otherwise indicated. 7 Issued by- )
tender. (jOfferod to holders of ordinary shares es a “rights.*' "Issued by way at
capitalisation. §§ Rb I ntroduced. ■ TV Issued in connection with reorganisation,
merger or take-over. |||| Introduction. □ Issued to former preference holders.

■ Allotment letters (or fully-paid). • Provisional or partly-paid allotment letters^

% With vrarrants. tt Deaings under spcciel Rule. 4 Unilateral Securitift?-
Markot. if London Listing. K Effective issue pries after scrip. t Formerly-
dealt in under Rule 163(2) (a), t # Unit cemprising live ordinary and three
Cap. shares. A Issued free as entitlement to Ordinary holders.

ACTIVE STOCKS

AbovB average activity was noted in the following stocks yesterday

Stock

Closing

price

oence

Day's

change

Siock

Closing

price

penes

3P

... 314

+ 4

Moss Engineering ..

98

British

Sugar

... 500

+ 10

P. & 0. Defd

151

Earless

Capel

... 178

—

Rothmans

102.

jRE

... 283

+ 4

Royal 8anV. of Scot..

102

3KN

... 165

+ 1

675

.loyds

Bank

... 405

+11

UDS

56

l

u
,1
( l*

Day's

- r
+ 8

+ 4. 5

— 4 5'
+40 :
-=18 -

WEDNESDAY’S ACTIVE STOCKS

Based on bargains recorded in S.E. Official List

Wednesday's
No. of closing
price price

Day'i

Wednesday's
No. of closing
price price

Stock

changes pence

change

Slock

changes pence

changed

GEC ....

858

- 7

Brit Aerospace

200

- 5 ■

loihmanc

... 17

98

+ E*

Glaxo

11

620

- 3

*. a 0 .

Defd '14

143

+ 3

Racal Elec ...

IT

395

- S •

Cl

320

- 6

RTZ

11

441

- 9

Plessey

12

395

- 7

Trafalgar Hso

11

126

Unilovcr

610

-10

Gen Accident

10

290

- 8

BAT Inds

11

450

-10

Shell Trans ...

10

408

- 4 .-

M.72

I4il

1481

1M9 K75

•Corrected flaws for May 5.

INDUSTRIALS f»

suo-vcroup

LEISURE ill

MareRNmenl^nerev^Wle

B pM^ W «A (iR0M| G0 , d« , a ..G0t C h

Daon Dr* Cn> * M'Kav Sees

Estates Pno* TJgiiwi iny S. Sea

Evans or ureda TOCnl£ *»? 1 z * c * w

Sto« A IS1

Sept ft Mrenti A Mexico Ftf

Trfplevest fnc

5 * K »)

Bcrtam mines ig>

East -Rand Pro*

Simmer & jack WlnkelhasK

East Dasaa Harmony

m

WORLD VALUE OF THE DOLLAR

Bank of Amp . rica NT & SA, Economics Department, London

Tha table below gives the rates of emhanga for the U.S. donar.agslnat various
currencies aa of Wednesday. May 5. 1982. The exchange rates listed
•re middle rets* between buying and selling rates aa quoted between
banks, unless otherwise Indicated. AD currencies are quoted In foreign
currency units per one U3. dollar except In certain specified areas. All rates

«" Indfesthre. Thsy are not based on. and are net Intended to tin-
used ss ■ basis for, particular transactions. 7

Bank of America HT end SA does not undertake to trade In all Hated-
foreign currencies, and neither Bank of America NT and SA nor the Financial:
Times assume responsibility for errors. rmsnwns.

COUNTRY

CURRENCY

I VALUE OF
; DOLLAR

Algeria

— LSK
Dinar_

Andorra

- rsjs; Peseta “

Antigua

Argentina.

Australia

... E. Caribbean t
... Peso (f) (2i

Dollar

Azores... -i. .*......

Bahamas

Bahrain.

Balearic. Is_

... -Port.- Escudo - -
Dollar
... Dinar
- Sp. Peseta

Belgium

f Franc <C)

1 Frano (F)

... Dollar

Benin.....' ....'

.. C.FJL Frano
... Dollar

Bolivia.—.

Peso

Bninel..-..-. :..t.

Dollar

Burma.

Burundi-

.. Kyat

Franc

Cameroun Rp.

Canada

Canary Is..

Cape Verde Is.-
Cayman Is

_. C.F.A. Frano
... Dollar ;

.. sp. Peuta 1

.. Escudo
.. Dollar

Chad

.. C-F.A. Franc

China

Colombia.. Peso tOi |

Comoro* C.FA Frano

CwigoP'Dle.Rep.ot C.FJL Franc-
Costa Rica J Colon (0/

Cuba ........... .Peso 1

Cyprus Pound*

Czechoslovakia Koruna (OJ

Denmark.

Djibouti Rp, of

Dominica

Domin, Rep

Ecuador.. ........

Egypt ...............

El Salvador ......

Eq’tl Guinea....

Ethiopia. — —
Faeroe Is.

Falkland ii......

FIJI —

Finland

Frdhce

Fr. C7y in AS.

Fr. Guiana.........

FT. Pae. ts_....;

Gabon. .....

Gambia* —

fftf-rr ‘ (El
Germany iW*. ...

Ghana

Gibraltar^. -

C re»c« -

Greenland,

Grenada

.....Krone
..... Franc
..... E. Caribbean f
.... Pew
' sucre (O)

■ i Suore (F)
i Pound* (O)

1 i Pound* (!)

.... Colon
.... Ekuale

— Birr (01 -

.... Dan. Krone

— Pound*

.... Dollar

Markka

.... Franc

C.F.A. Franc .
.... Franc

— C.P.P. Franc
C.F.A. Frano

. .. Dalasi
Ostmark (Q)
Mark
.... Cedi
Pound*
Drachma
.... Dan. Krona
.... E. Caribbean f

68.25
5. 6049
4.54
6/3505.
103J2
30J214
2.7025
14000.

0JM27
15.3575
•- 70.72- •
1.00
0.377
103132
21,55.
2.01

43.75
47.57

2.00
302.526
1.00
0.3197
' - 43.565
0.9262
154.83
2.089
0.942
6.4516

90.00
302J525

1J3231

103.32

- 84.70

0.855
. 302.525

302.525

- 39.00

1.8177

52^1

502.525
-802JE5

8.60
38.09 •
0.8244
2.1868
6.83

7,8868

177.72

2.7025

1.00
25.00
43.45

1.1975'
- 1.2151
2.50

206,64 '

- 2.0255
7.8862
1^02
0.9112

. 4.515
6.0505

303.525
„ 6.0605

" 105.438
. 302.525 .
.. 2.2198
2.322
2.322
__ 2.75

1.802

62.75
7J38B2

2.7026

VALUE OF

COUNTRY

CURRENCY

DOLLAR

Guadaloupa

... Franc

6.0505 '

1.00

.Guinea Bissau..

- ■ 38.8335 —

Haiti

.— Gourde

1 5.00

Honduras Rep,.

Lempira

j 2.00

I 5.81S

1 . 34.0337 .

I -Hungary Forint

India...—

Indonesia —

Iran....... ......

... Rupee

... Rupiah.

■..-RlaHO)

98197
852.50 -
B2.92

Iraq.™

Irish Rep— _

... Dinar

Punt*

... Shekel

089S3

1.49

Italy-

... Lira

1288.75

Ivory Coast..

C.F.A. Frano

302.525

.Japan

... Yen

25582

Kampuchea.

... Riel

0.344

n.a.

10.5404

Kenya.

T_ Shilling

Kiribati —

... Aust. Dollar

0.9427

-Won

Korea (Stb)......'._

.'..Won

- 71B.30 -•

Lao- P'pis D. Rep

~ Nip

'‘10,00

Lebanon., ...

... Pound

4.946

LOO

Libya. —

Dinar

0.2961

Liechtanafn.

... Sw. Franc

18423'

Luxembourg

_ Lux Frano .

43.75

Macao

..Pataca

6.0426

Madagascar D. R-. Franc

302,525

70.72

1.1124

Malawi

... Kwacha (5)

Maldhre Is.

. Rufiyaa (0)

1 Rufiyaa (M)

3,95

7.55

Mali Rp

— Frano

605.05

Malta

2.5028
- 6.05D5

Martinique

... Franc

Mauritius Rupee

51,29

11,0337

Miquelon...

.. Fr. Frane

6.0505

Monaco

Fr. Frano

6.0505

Mongolia

Tugrik [01

3.3555

Montserrat

— E. Caribbean B

2.7035

5^194 '
29^117

Mozambique

_ Motlca

Namibia.

S.A- Rand

1.0636

Nauru 1*.

Aust. Dollar

0.9427

13.20

2.5765

Netherlands^.—

Guilder

Noth, Ant’les ....i

..Guilder .

. .. 1.60 ..

New Zealand. Dollar

130

Nicaragua..—

..Cordoba

10 J)5 . .

Nigeria

— Naira (0) _

302.525
. 0.6604 .

Norway

.. Krone

5894

! Onianjfultanataof Rial |

. 0.3466

11.6178

_ Balboa

1.00

Papua N.G

.. Kina

0.7171

126.00
612.73 '

- B376

..Sol

Philippines -

— Peso

COUNTRY

1

CURRENCY j

VALUE OF ~-
DOLLAR

Pitcairn Is. !

Poland

Portugal

Port Timor. .. ..q

N.Z. Dollar

Zloty (Oj

130

80.00

Escudo "

ri3. -

Qatar

Reunion lie da la...

Fr. Franc 1

Leu tO)

Frane - |

6.0505

Rwanda.

98184- •

SL Christopher....

SL Helena

St. Lucia

St. Pierre.

St. Vincent

Samoa (Western).

Samoa (Am J

San Marino

Sao Tome A

Principe DFL.

Saudi Arabia

Senegal—

Seychelles....-.;

Slorra Leone

Singapore

Solomon Is.
Soman Rep —

South Africa-...;;..:
Spain

Span. Porte fn N.

Africa-

Sri Lanka —

Sudan Rep.

Surinam

Swaziland ..........

Sweden

Switzerland..

Syria

.. E. Caribbean 8
.. Pound*

.. E. Caribbean 9

_ Fr Franc

.. E. Caribbean 8

-Tala

..U.S. S

.. It. Ura

.. Debra
.. Rival

.. C.FJV. Franc
.. Rupee

- Leona

- Dollar
. Dollar

. Shilling (31
Shilling (4)

. Rand
. Peseta.

_ } Sp. Peseta
.. Rupee

- Pound* (1)

- Guilder

.. Lilangeni
Krone
.. Franc

- Pound

Taiwan - Dollar (0)

Tanzania Shilling

Thailand. ..-Baht

ogo Rep C.F.A. Frano

Tonga Is. -Pa'anga

Trinidad & Tobago Dollar

Tunisia ..-Dinar

Turkey. Ura

Turks & Caicos U.S. S

Tuvalu — Aust. Dollar

Uganda

Ut<r,A*b. Emir..
Utd.- Kingdom-

Upper Volta

Uruguay.

UAS.R.

Vanuatu
Vatican -

i.m Shilling
i— Dirham
—-Pound Starling 4
.... ClF.a. Frano
Peso
Rouble

Vietnam.

Virgin is,

Virgin U. UA-

Yemen.

Yemen pdr » u

Yugoslavia

Zaire Rp._:

Zambia—

Zimbabwe.

-Vatu
*ust Dollar

~Lir*

.. Bolivar
Dong (0)
,.nuA8

-UJ5.5
„ Rial
M Dinar
_ Dinar
-Zaire
,. Kwacha
.. Dollar

2.7025
-1J302 —
2.7025
6,0505
2.7025 ' _
0.8621
1.00

1288.75 . ,. T

39^419 n
3A305
302.525 . •:
7.3437
1.2066
2.099. .
0.9125
6.35-
12.46
1.0536
103,38

103,32 -T-I

20,68

1.1111

1.765

1.0536

5,7894 **•
1.9423
3.935 • ■>?

58.18 ^
9.1288

. 83.00 -.-i

302.525

- - 0.9427 —
2.409 >•
C.5B57—
-147^5- •

1M =M.

0.9427

7BJD0
3,6731
1.802 -V.

302.525 -
12.167 —

' ‘ 0,7649 ;

97.7859

- 0.9437-

1288.75

4J2937

5.18
1.00
1.00

- -44*605 —

0.3463-

48.4784^.

5.6044
0.9041
. 0.7407 •

n.s. Not available, (m) Market rate.. * U.S. dollere per Nations! Currency unit (o) Official rate. . (p) .Commercial rata, (ft Rnanelal nte
(1) Egypt— Floating rata futad daily by Central Bank of Egypt lor Importers, Exporters, Tourists. .^2) Argentina— devalued by approx. 17 par cent 5/5/82,
(3) Somali: ParsJtcl exchange rotes introduced July T—(or essential imports (4) Somali: Experts and- Non-Essential Imports and Transform.

(S) Malawi— devalued 26/4/82. • enurere.

ft*. CURRENCIES and MONEY

Pound recovers

THE POUND SPOT AND FORWARD

Sterling ini prove ii in nervous
foreign exchange trading reflect-
ing growing hopes nf a settle-
ment to ibe Falkland? dispute
without further bloodshed.

The dollar retained its recent
weaker trend however, as Euro-
dollar interest rates rnolinued to
fall, and the market looked
forward to a drop in this week’s
money supply figures.

STERLING — Trade-weighed
index (Bank of England) 90.1
against 90.2 at noon, 90.3 in the
morning, S9.6 at the previous
dose, and 89-2 six month ago.
Three-month interbank 131 per
cent (131 per cent six months
ago). Anneal inflation rate 10.4
per cent (11 per cent previous
month)— The pound opened at
S1.S180-1.S190 and rose to around
SL8250. before easing back to
S1.S1SO-1-SI90 again od slight
selling pressure from the Con-
tinent. Sterling retained its over-
all strength however, touching
a peak oF S1S2S0-1.S290 in the
afternoon, and closing at S1.8200-
1.S21D. a rise of 1.47} cents on
the day-- The pound rose to
DM4.2050 from DM4.1S75 against
the D-mark; to FFr 10.98 from
FFr 10.9250 asainst the French
franc: and to Y424.5G from
T422.50 in terms of the yen, but
eased to SwFr .1.4923 from
SwFr 3.4950 against the Swiss
franc.

DOLLATC — Trade-weighted
index II 2-2 against 112.6 on
Wednesday, and 107.5 six months
ago. Three-month Treasury bills
12.40 per cent (12-20 per cent six
months ago). Annual inflation
6.8 per cent (7.7 per cent
previous -month) — The dollar fell
to DM2.3095 from DM2.3I73: to
FFr 6.0325 from FFr 6.0525: to
SwFr 1.92 from SwFr 1.9573 and
to Y233.25 from Y233.S5.

D-MARK — EMS member
(strongest). Trade-weighted
index was unchanged at 124.8
against 123.8 six months ago.
Three-month interbank 9.175 per
cent (11.475 per cent six months
ago). Annual inflation 5.2 per
cent (5.8 per cent previous
month) — The move to restore
the regular Lombard rate at 9
per cent by the Bundesbank came

as little surpass to the foreign
exchange market aid did not
have any strong impact on
trading. The D-mark rose against
four members of the EMS at the
Frankfurt fixing, but weakened
against the Irish punt and the
Danish krone. Ad easier trend
in Eurodollar rates pushed the
dollar down to DM2.3077 from
DM 2.324S without any inter-
vention by the German central
bank. Sterling rose to DM 4.2050
from DM 4J.800. and the Swiss
franc was also slightly firmer at
DM 1.1965, compared wadi
DM 1.1964.

FRENCH FRANC — EMS
member (third weakest). Trade-
weighted index 79.8 against 79.6
ou Wednesday, and 82.1 six
months ago. Three-month inter-
bank 16 .'- per cent (15} per cent
six months ago). Annual infla-
tion 14.1 per cent (122) per cent
previous month) — The Bank of
France’s foreign currency posi-
tion showed an improvement
last week, rising by more than
FFr 2.4bD. The franc gained
ground against most members of
the EMS at the Paris fixing fall-
ing against only the very strong
Deutsche Mark. The German
unit rose to FFr 2.6095 from
FFr 2.6080. while outside the
EMS sterling improved to
FFr 10.9595 from FFr 10-9230.
The dollar fell to FFr 6.0135
from FFr 6.0625.

U.S. 1. 8180-1 J

Canada 2.2200-2.;
Ncthlnd. 4.65-4.63

Ireland
VJ. Gar.

spread Close One month

T.8180-1.8230 1.8200-1.8210 O^OAScdjT
2.2200-2,2300 2JZZ30-2.224S 0-40-0. 50c d(»
4.65-4.63 4.88 1 *-4.67 1 « IVIVe pm

Belgium 73 DO-79. BO 79.22-79.32 17 -2 7c dia

Danmark 14.22-14.33 14.23>a-14.M«2 9VW>tf« dr*

1.2120-1.2170 1.2190-1 .2165 0-57-0.70p die
4.19-4.22 4.20-4.21 IVILipf pm

Portugal 127.00-129.00 127-50-128.00 210-730c dis

Spain

Italy

Norway

France

Sweden

Japan

Austria

Switz.

186 50-moo 1S7.25-187.50 6Q-8Sc dis

% ' ' Thru

P-a. months p.a.

-2LT7 0.75-0, SSdia -1.78
— Z.4S liS-IJSdis —2.34
4.18 SV47,pm 4.39
—3.33 54-63 dls -3.10
-8.48 22 1 i-23’ a dls -6.48
-647 1.76-1 33d is -6.07
4.2 B 4Y4 1 * pm 4.16
-46.97 420-16S0dis -32 41
-4.64 205-215 dis -4 80

2.330-2.340

10.81V10.89

10.92-11.00

10.46-10.53

420-427

29.50-29.70

3.48V3-53

22 l .-25 5 i W* d« -12.34 87-72 dis

10.82V10.S3U SV7oradia
10J7V10-98«a 7-10cdis
1Q.47U-10.48V Vmt pm-*s «Ks
424-425 2.25-2A5y pm

29.66-29.61 13V«K*gro pm
3.48V3.49U 3-2ljc pm

—7.00 lOVIIUdis -3.97
-33 ZPrZTdis -911
0JJ7 IV 5 * pm 0.33
6.08 6.20-6.00 pm 5.75
4,87 34k-28 pm 4.24
9.45 8-7H pm 8X8

Belgian rate is for convertible francs. Ffnandaf franc 85.95-86-05.
Snt-mbnth forward dollar 1.29-1 .34c dis, 12-morrth 230-2. 45c d«j

THE DOLLAR SPOT AND FORWARD

May 8 spread Close One month

UKt 1.8180-1.8290 1 . 8200 - 1.8210 0..28-0 .38c dls
Ireland! 1.4875-1.5020 1.4985-1.5000 0.B7-0.47C pm
Canada 12205-1.2220 1J2QS-1.22I0 0 . 02 -0.05c di»
Nethind. 2.5600-2.5660 2.5600-2.5630 1.47-1.376 pm
Belgium 03.50-43.58 43.54-43-56 3- 6c dte

Denmark 7.8100-7.8510 7^100-7.8200 3V«oredis
VJ. Gar. 2.3O50-2 31S 2.3030-2.3100 1 -30-1.2Spf pm
Portugal 69.50-70.40 70.00-70.20 100-300c die

Portugal 69.50-70.40

10Q-300C die

Spain

Italy

Norway

Franca

Sweden

Japan

Austria

Switz.

102.65-102.95 102. 90-102 -S& 18-26c dis

1,281-1.283 1.281V1.28ZV, 11-12 lire dis

% Three %

p_a_ months p a-
—2.17 0.75-0 .B5d is -1.76
4.16 1.68-153 pm 4-2S
-0.34 0.17-fl.ridis -0.62
6.64 4.06-3-96 pm 6.25
-1.10 11-16 dis -1-24

-6.95 9-3U dis -4.73

6.62 3.45-3.40 pm 5.93
—34.24 20neS0di» -24_»
-2.45 58-80 die -2 87
-10.78 32-35 dis -10.45

S. 9400-5. 9630 5,9400-5^500 2.20- Z.SOore dfs -4.74 3^0-3 JOdis -2.25

6.01 25-6 .C
5. 7450-5. j

6.0300-6.0350 3-3>,c dis
5.7450-6.7550 1.20-1.Q50IS pm

232.75-233.45 233.20-233.30 1.67-1.59y pm
16.22-76.27 16^2V16.23 J j 10V9’*fl to pm

T.91 70-1. 9315 1.9195-1.9205 1.89-I.SIc pm

-6.73 TO’*-11Udis -7.14
2.35 3,00- 2JJS pm 2.03
8J8 4.48-4.38 pm 7.60
7.29 26-23 pm 6.03
11.56 5.144.06 pm 10.62

t UK and Ireland are quoted in U.S. currency. Forward premiums and
discounts, apply to the U.S. dollar and not to the individual currency.

CURRENCY MOVEMENTS CURRENCY RATES

ITALIA LIRA — EMS member
(weakest). Trade-weighted index
was unchanged at 54.1 against
562 six months ago. Three-
month interbank 20}} per cent
(21; per cent six months ago).
Annual inflation 1S.5 per cent
(16.1 per cent previous month)—
The lira remained very weak at
the Milan fixing, losing ground
to ail members of the EMS, and
as far as other major currencies
were concerned improving
against only the dollar. The U.S.
currency fell to LI.2S1.S0 from
Ll : 290.05, but sterling rose to
L2.336.20 from L2.323.3Q. and the
Swiss franc to L664.70 from
L 663 .33. Within the EMS the
Deutsche Mark rose to L555.75
from L554.92, and the French
franc to L213.19 from L212.87.

Bank of Morgan
England Guaranty
Index Ohsngesi

Starling

U.S. dollar.. —

Canadian dollar....
Austrian schilling.
Belgian franc~. —

Danish kroner.

Deutsche marie,...

Swiss Trane..

Guilder

French franc

Lira

Yen i

90.1

112.2

87.6
118.1

95.7

84.8
194 JB
149.9
U5.S

79.8

54.1
1S9.7

Bank

Special

rat*

Drawing

%

Rights

—33.2
+ 5.2
—18.0
4-26.0
—1.4
— 12.6
+48.0
+ 100.0
+21.9
-14.6
—58.5
+34.0

uj. *-

Canadian SJ16.231 — 1

Baaed on trade weighted changes from
Washington agreement December 1971.
Bank cl England index (base average
1975-100).

Austria Seh.
Belgian F._J
Danish Kr_j

D mark

Guilder..
French Fr—.

Lira

Yen

Norwgn. Kr.
Spanish Pts.

Swedish Kr. 10

18.5027

49.4821

8.92486

2.62555

2.91466

634126

n.a.

265,528

6.78267

rua.

6.55741

2.19510

70,8949

0.56678
135409
! 136294
; 16.8091
145,0191
8.09455
I 238761
'2.65193
632471
I 1335.45
',241.047
16.15749
106342
£.95481
1.99528
' 64.4414

Greek Dr'eh. 1 20 le 70.8949 : 64.44
•CS/SDR rate fur May 5: 1.38SO0.

OTHER CURRENCIES

EMS EUROPEAN CURRENCY UNIT RATES

Currency
amounts
against ECU
May 6

% change
tram
central
rate

% change

arfftmted for Ohrer*jence
divergence limit %

Argentina Peso
Austral la Dollar
Brazil Cruzeiro.
Finland Markka
Greek Drach* n<

Hi

25,505.25.545! l«-000-l4 Q50rl Aust ria,

1.707S 1.7095 0.93804). 93851 Belgium .. .. .. I
282.0-283,0 1S4.8&-165.61 Denmark

8.153-8.160 4.4920-4.4940 ' France I

111.I&3- 114357 62.35-62.55 ‘Gernvnny

10.51-10.52 ts 5.7760^.7810 Italy

147.00- 81.40* Japaru.

0.617 0.583 0.28524)3854 Netherlands- •

7932-79.32 43.54-43.56 Norway

4.16-4.17 2386033890 Portugal

2.3480 3.3520 1,2895-1.2905 Spain

632338 3.4 290-3.4500 Sweden-.

3.7875-3.7975 : 2.0815-2.0845 Switzerland

13095-1311 & 1.0490-1.0500 United States

6.67-6.73 ] 3.6715-3.6735 Yugoslavia

20.50-29.80
85.70-86.70
1 4.23-14.37
10.92-11.02
4.18*1-4.223*
2300-8340
424429
4.65la-4.69 Ig
10.82-10.92
126 132 It
179 S* 1923*
1044-10.54
3.49 5 ) -3.539*
1.81U-1.8314
90-99

Pound St'rilngl u_s. Dollar i Deutschem'fc Japan's* Yen; FranchFrwioi Swiss Frano j Dutch Guild’l Italian Lira

Pound Sterling
U-S. Dollar

Deut9hemark
Japanese Yen 1.000

French Franc 10
Swiss Franc

Dutch Guilder
Italian Ura 1,000

Canadian Dollar
Belgian Franc 100

0.748

*•

5002

0.476

16.98

1.496

1.999

1000.

0.953

33.96

1.571

| 2.099

1050.

1.

35.65

4.406

1 5.888

2945.

2.805 i

100.

FT LONDON INTERBANK FIXING (1 1 .00 a.m. MAY 6)

3 months U3. dollars

6 months U.S. dollars

bid 14 11/18 offer 1415U6 I bid I46.H offer 14 M*

The fixing rates are the arithmetical means, rounded to the nearest one-sixteenth,
of the bid and offered rates for Slftn quoted by the market to five reference banks
at T1 am each working day. The banks are National Westminster Bank, Bank of
Tokyo. Deutsche Bank, Banque Nationals de Paris and Morgan Guaranty Trust.

EURO-CURRENCY INTEREST RATES (Market closing Rates)

Canadian

Dollar

: Belgian Frano

I Conv. Fin.

17-20
29-21
21-22
211*2214
21 1.-22 U
19le-20t?

18-20
214»-34
23T«-25fe
241*35
235.-24 is
2318-241*

1418-1615 I 149* -16U
Z514-17J4 14*8-1518

16 >1-1613 1450-1478

151*. 161* 1450-1473

16-161* I 1498-147g
1512-16 | 1458-1478

20*2-205*
20)4-2058
2078-21 1*
20js-209*
19-1938
17Ia-l77a

SDR ihekod daposits: one month per cei>C three months 13^-13*1* oer cent; six months 13»»,-13 7 u car cent; one year 12 u u-13» t * per cent

ECU linked doposiis; one month 143 u .M'*j* per oeoi; three months 14 1 »-14 , » per cone six months 13**-Wi pBr cent; one year 13 5 *- IS 5 , per cent.

Asian S (dosing rates in Singapore): one month 15- To 1 * per cent; three months I4 a i*-14 u i* per cent; wx months 14V 14% oer cone one year 14 VI 4^ per
ernt. Long-iwm Fura dollar two years 15V15 1 ; per cent; three years 15V 15^ per cent; four years 19V1^ per cent five years 15V1S^i p«r coni; nominal dosing
Mies. Short-term rates are caM tor U.S. daHars, Canadian dollars end Jeoancse yen: others two days notice.

The lollwing rates were quoted .for. London doiter certificates of deposit: one month M.6G-14.70 per cent: «hree months 14.40-14.50 oar cent six months 14.25-
14.35 per cent; one year 14.20-14.30 per cent.

MONEY MARKETS

EUROCURRENCIES

UK rates continue to fall

$ rates weak

UK clearing bank base lending
rate IS per bent (since

March 12)

Interest rates fell sharply

yesterday on hopes of a peaceful
solution to the Falklands crisis.
However, information disclosed
later in the day reducing the
chances of a ceasefire left rates
above the day's lows. Three-

raoni'h sterling CDs were quoted
at 13H2& per cent down from
13j-13$ per cent, while three-
month interbank rates fell to

13-13£ per cent from 134-135 per
cent

A shortage of around £50ra
was expected in the money
market, according to the Bank
of England’s forecast Factors
affecting the market included
bills maturing in official hands
~£122m, offset by Exchequer
transactions of £150m. There
was no intervention by the Bank
of England in the morning but
during the afternoon the forecast
was revised to a shortage of
£10Qm and the Bank made pur-
chases of Him of bills, compris-
ing £lm of ehgihle hank bills
in band 1 (up to 14 days), at

131 per cent and £10m of
Treasury bills in band 3 (15-33
days) at 13 per cent

Overnight money in the inter-
bank market opened at 12 1-12 1
per cent and traded between
121 Per cent and 123 per cent
before news of the small
shortage saw rates fall to 11]
per cent Later in the day
balances were commanding up to
13 per cent

In Frankfort the Bundesbank
reintroduced the Lombard rate
at 9 per cent. The announcement
came after yesterday's fort-
nigMly meeting of the central
council At the same tame the
special Lombard facility which
was operating at 9J> per cent
has hem dosed. This specVJ
rate was introduced in February
19S1 at 12 per cent and the
ordinary Lombard rate, then
standing at 9 per cent, was sus-
pended. -Aft that time the special
rate was part of a Government
package to tighten credit policies
and yesterday’s move reflects the
authorities' success in contain-
ing inflation and also a steady
improvement m Germany’s cur-

rent account The Bundesbank
also announced a further repur-
chase agreement to inject extra
funds into the market The
authorities are inviting tenders
on the 2S-day facility at a mini-
mum rate of 8.6 per cent, and
funds will reach the market on
Monday, compensating for a
DM 5.S&0 repurchase plan
which matured last Wednesday.

FRANKFURT

OVERNIGHT

MONEY

J*S - ONO’4fMAM“

1981 1982

Eurodollar rates were gener-
ally easier yesterday, continuing
Wednesday's weaker trend. Ex-
pectations of a further fall in
U.S. money supply today were
behind the downward movement
and this also weakened the
dolar in spot trading. In forward
trading it was mostly firmer as
interest rate differentials
narrowed.

The D-mark's forward premium
narrowed quite sharply despite
a reduction in West German
domestic rates wbde a fall in
Euro-Swiss francs saw the Swiss
(franc lose ground in forward
trading.

Eunro-sterimg rates -were
tower but forward rates tended
to fluctuate, one way on hopes
of a peace settlement with
Argentina and the other wap
■when it became clear that cer-
tain conditions would firstly
have to be met

Elsewhere French and Italian
rates tended to ease a HlUe,
■corresponding wMi a slight im-
provement by both currencies in
the forward market

MONEY RATES

LONDON MONEY RATES

NEW YORK

Prune rate

Fed. funds (lunch- time)
Treasury bills (la-weak)
Treasury bills (26-wcak)

1*2 ‘
15V15*.
12.40
12.46

! Sterling

{Certificate tatsrtJMk Amtnortty 'negotiable
Of deposit I deposits i bands |

deposits

rliianoa ] .Distort! ; Eligible

Ham Wompaiw Market i Treasury J Bank
Deposits Deposits Deposits: Blits# BiHs*

CTHMANY

Special Lombard
Overnight rate ..
One month
■ hrce months .....
Six months

FRANCE

Intervention rate
Overnight rate ..
One month

Three months

Six months »...,

Overnight.

2 days notfeew

7 days or

7 days notice-..

One month...,.
Two months,...
Three months.:
Six month*,...,..
Nine months — !

One year |

Two years. —

12 4-12 ij
129 i-127b

- |iaSB-12%:Ul 2 -12is|

1S1 B 12 m
14«sl2»
15‘8l2£ I
131 b 12 £
13rt-12)S

121a 1278
13-13*
lSifc-13*
15- 15ki
13131s
13 13 i a
13-lSis

iais-13

131s

13 70-13 if
133* -133 b
1334-1330

13V13

135, -13*

1368-13 U

13-15 lg 139,. 127 0 _ - ' — .

139a ; 129, 12ft 12ft 133*

1318-13% 185s 126, 12 H 151j

12*9-1 5\ I2lg 12ft 1260 131a

~ - - Uft-1231 131a

JAPAN

Discount rato

C^D 1 unconumpnal)

Bill disceurt / three -mo nth 1,.,

Local authonties and finance houses seven days* native, «hore seven day, fixed. Long-term local authority mom ago
rates. iwnntalJy. Hires years W oer c«*nf; four yearn 14 s * par cent; this yaare US per cent. ifrBank b*U rams in iatto
uro buying rates for prims paner. Buying rates <or law-mo nth bank biHa 13V, per cenq four mantes Bade b+s 13>* per
cent.

Aporoxtmata sell mg rates for one month Treasury bills IS 7 * per c 0 »|; (mo months 12 s * par corn: three months
Vfu' pet cent. Approximate seHmg rare tor one month batik btHa 12 7 « pw cent; two months 12 B »-1Z U T * per cent a no
three months lSS oer «rrc ana month trade bills 13 1 ? per cent: two months 13^* per cent: three months 13V oer cent.

Finance Houses Bus Rates (publish £d by thB finance Houses Association ) 14 per coni Ir<rn May 1 . 1983 London
and Scottish clearing Bank Rates Tor lending 13 per cent. London Clearing Bank Deposit Rates lor sums at seven days'
irotrc? 10- 1C* <rer cenr. Treasury Bill*: Averts tender rates of discount 12 9365 p*n- ernt

Certificates of Tax Depose (Series 5} id's per cent from March 8. Deposits withdrawn Jar aacb 11 par cent.

Financial Times Friday May 7 19S2 A'* „

FT UNIT TRUST INFORMATION SERVICE

Financial Tiroes Friday May 7 1982

INSURANCES

:

*' it L ,

Abhqr Uft Kamaci.m ; -
lOSLWjCtarel^rt.EM. 0M«8?11I

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■\ a?: ^a-i-

;!** »V
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*fc.

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Pto.f«LtoLWE_E
gtW.H9wy*tC^~r
Pea. Money***-—-

INSURANCE & OVERSEAS MANAGED FUNDS

Eranvitfe M*natfe»«rf Limited

PC-. Sai n 9. Hrtr.*K». .„ *»*

■ 8 •~ J

-bnriic im. Is. . _

tat deafe*

te

Ufe AsKtr. Co. of Pennsylvania Honed Savings Group

% New Bd. Gwlh#n, Km. Uequg/BISm 60 East Sum, Horsham

Z LMOPUW 01.72 123ir 1 -

Ci mdif Ins ura n ce nc
Towra tHf,36Tn*l,Sa. EC3N4DJ

Lloyds Life Annate
20 CWtM St* EC2A WX 01-920 0202

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04035055

4882325

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X.Tbm<frMdfeSt,EC£ . 01-5881212

Eagfefthd Units (772 8<U| +L0| Ul

Equity & law ufe Am. See. Ud.
AAertfem toad, Hr* Wycombe. 0*9433377

UK Gates Fond— J
HgwteFuM... J

Fired Inw cgfi^J

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Equity * Law (Managed Fends! Ud.
Aremtoo ft*), HfonWwM* 0494 33377
lad. Pm. Eaity_

AMEV life Assarznce Ltf.

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lad. Pm. _

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led. Pm.
lad. Pen.

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tad. Pw-Den.

ferns at Hart

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FMmBf Assumed SaeMy
60, Em Street, Herenam

FanOv Capital Hagd.

Family Bra. II

E.T. Man+rmnl i il Ltd.

FC2UT0J.

gJ^PUn Bond Food

TPta HIQflYIdFML

♦OM

PtggFy t^mFhdj

IT PtiJ fi AfB

PbUK.’&C.£.F*l
IT fen Wridaide FnL,
it AtB&ioa Bad Frxi-
jT Pen High Yld Fd -'
ET Pan Fmi Eum F6
CTPwN Arn.Fd.

GTPiBtlk&GXMii!
if Ft* Worfdwioe ftL.i

*041

-5<h ftosqrd—

PffrMSn kbfii^M . ...

- I -is!

Radon Ufa Anonte Co. lid.
tSttMer Hie, H-Mont Hnati.Omu 50721

-

AncrteaaTecK Fd._
ButtttaigSoc.Fd._-.

SSSSgjrsi

II

Natural ResAurcew

is

5

Irrarnatkxd’EreMty!!'

U6d

|930

Sou Life of Canada (UK) Ltd.

2.3.4. Coct-awr Cl. SWTV5BH 0: 9905400
Maple UAfFUn .. ■

Grant* ACDM* . . 151ft l
Wmatad ficcosm 1W» u

Eobut Amid rcn I

MkuqnI Fa Anun ps 4

Foiity Fo Aceon NS. 3

Pnjerrly Fd. Aca*n..[% .]

Fi«*d lift. Fd toaongl 8

Inert. Fft Arcun W?

Mmrv Fd Acorn gS.s

|ndn4d5csFdAcan.!942

V>5 ....
1MJ ....

Vsb .

1001 ....

W2 -

— ft&MgcLAxAtBn

Prep. Equity & Ufe Ass. Co.

42 HcurtfluOKA London EC3A7AV 014*21112*
R. Silk Prop. Band ..-I .245.1 | J -

U. raged Cv- .
5tBi39!dAtX. —
Property C*

Property Growth Assar. Co. Lid.

Praperty Acc

&5J...

&**»■<

“j Z Leon Hobs, CtOidanCWlLU. 01-6800606 EStylfc,- lg02

3 E gSK

teai»wy^r5..^»i

Property Fuad........

Property Fund i Al„
Avradtsral Fund...
Auric. Fend tAi......

AUliey HBLFtnd

AttwMaL Kd. lAt...

iisruncix Fwd —

I w w am ent Fund *Al

E*jS Fund < mTH.
Monry Fund^. -
Money Fu nd (A).

edFtL <AJ...

Z AraericwltoA

Z asfifto-

~ Extra IncanwHwd-
For Eastern May* ...
HW* Income K«4„,

bwmviMay4..

MrradenolMayA..

— uK^w7«.l>q'C

Ad Wther At. Uts.

liw.Fd.lAS-

Pmtuon Fd. Utt.

Cow Pens. FO

Oir.hs.teUL
nsTFd

- M«lksa.FO..._.

Min. Pens. Cop. UL.
i fo

SSSScipus;

BWJ. Soc. Pea. lit-
W0q.5ix.Caa.UL~
CAs Ptm.Fi,

tm £gE££z

IS5 Pens. At Cap

_ 30 Uxfarxfee Read, W12 BPC

_ London AUeen & Mfm. MU. Assar. Ltd. Sprcut MU Fd. ..... .MftO

329IGn9WWv. London. WC2B6NF. O1-«HC0<O

mji-^ 31 - Essr&v* —

— 'AWf&dlder'.

..1552

Drp QMt f a acc... — 167.1

- London Indmdty & Grd. Ins. Co. Ltd

- IS-SaTheForburY.ReJafN 583511. WS«W--*=rU?

M.M Ttntbie 456

, , . _ FteadlMewa — •..(453

AisiandsBl GENERALI
117, fexhaieh 5 l. EC3M5DV. 01-0880733 London Ufa LMced Ass«r. Ltd.

440f-01| -

9 d =

ladJ>w.Efl.F l LAtL..^2b

Fwl I IK ACC -jPwh

l"aP*mF*d.WJttL..bH7

fnt/W Aec — Ml

I ltd. Pen*. Hdrt 4lcc... kJQ
Fd. Ace Ml

Black Hone Ufc Ass. Co. Ltd.

Ml. IUaaordBond~ 11398 ' 247 2) 1— 100. Tcropia St, Bristol. BS16EA. 0272 274179

71, Lombard St, EC3.
Stack Horse Man. Fd.

Managed lav. Fd.

Property Fd. I

Fhwd Inumt ffl.
CaatFd.

incnwFd,.

saaiSriSMiw

wortomce Growth Fd..

SoUncrd Fd

Sort r Go's & Recv-Fd
InL Tectwoteyy Fd. ...
Mm. AmeT&Gea. Fd. .

EM ™* —

: Basin Fund

General Portfolio Life has. C. Ltd.
CiouMwSt.ChnhaaLHftn. Wafthaw X 31W1 53*H!’‘
PorribiktFd.Aec- ■

PonWroFii huc.

PonMaFd.C

PartWis Man.

Ponkrtra Woo. I an.,.

_ iyFrt Act. . ... Vb9
IrdpPrvPropfdAx. toU
Fdr nticr Font, and

Provincial Ufe Assurance Co. Ltd.

Z 222, Behepspdr, EC2.

=

a*n

z Growth A Sk. life Ass. Soc. Ud.

s

Canada Life Assurance Co.

24), High Sl, Potters Bar. Herts. P. B» 5U22

MMRd 32 » 1 «| =

flrt.(P.) „

Mt~zl

SUB

ISISfia^laHar asiisssaar

Goardtao Roytd Esr ha n qe

. Royal Esxhangr, E.C3. 01-2837101 gwri, Fax to.~

§ Flndb*f ftJQO Up<

.12955 307JJ —.f -

A4 4ft2 -
30. fc -D.l -
1XTLI ~... -
206? .... —
liai -hii -
ioxS-mii -

K3SS 4 *-=mi

034252155

Canada Life Astnoce Co of ft. BrKata

. 24i High SL Petiera Bar. Herts.
Managed Pen Fund JT

iztrssistis

Canaan Assurance Ltd.

1 Oympie Way, WroAley HA90N8.

Equity Uattt

'»Uiws

* ’• •• • WW3

r JH It*.

tv units

Baod/Esec....

Prop. Bond/Exec.-...
Bal. BaSwc/UrtL-.!

Deposit Sand

Equity Accun

Property Accwn

Mngi foam

2ndEtjmty

2nd Property

2nd Manned

2nd Deposit-.

2nd Gilt ...

2nd. AmenCM

2nd Inti. Money—

2nd Index—..... — _

2nd Eo. Peak/ Acc.

2nd Pip. Pens/Ace ...
2nd Ugd. Pens/ Arc ~
2rd p«. PWts/A«_.
Gilt Pcas/Acc..— .
2nd AnTras/Acc.—
2o6UrtMOBtyPtvJ(l€C
2nd Index PeaJAcc.
LAES.IS,

FlexxneFufxlAcc..—

Fixed hiftL Cap ...Jg||

rtned lot. Fd. Acc. ....
Gtd. Deposit Fd. Cap.

— ad.DwoiitFd.Acc_

— EquRy Fund Cap.—

Equity Fund Act .

L&ES.U.2-

m =i :

i ra e nwti it FdCap.
bxerowkxiO Fd Acc.
Carted GmUlFiL —

WOlOiWNn ' IWi-i —

Exempt Imr. T9. to

ExempPropo+y...— -
-tFlexfee

to pm wnere reduced nwi

40*

L90»

C^i._

SSJ7^1— jH

Ficd. frt.Fund— 132.7

Irtermtionai

Hvjh income 44 .

fVr Eaa Wi.

Nora> Amrrtcrti IM

SprcuiSrt' 1078

Doposa Pw. Acc. 1X9.4
Property Reas. Act - U»3
Fix hit Rews. Aee — 120 7
-Pert. Act. HU

Frt^CaSa'llist SaSlm 'Pnees raq'Qi-'3i7 6533.
Prudential Pensions Limited
Hottcro Bars, EC1N2NH.

Fixed Int-fcbj 5

- &

Prop. Fd. May 5~.
GuiFuad

Rem. Managed MM. 1
Reas. Managed Acc_
has. EoBty hutia

htt. foully Acc.

t. in

Rem. Fed. InL Mtd
Pens. Fixed InL Acc.
Peas, inn inBlrt
Peas. Inn Acc..
Pens. Prop, tmtiai

Depos. I

Pots. Ocms. Acc — i

M & G Group

Three teys, Toner HW.EC3S6BQ. 01-6264588.

PmUdt GHfc t— d

Manned Fuad

Cash Fund .. . — .

M a ge l i ie o t mewls Limtted
103 Oxford SL,M»ctww
Mrtnged UW.7

-i -

061-2369432

Hd =

+06} —

America? Fund Bond
American Dec. Bond.

Australasia Boxl— ..

Commod i ty Bond

Convert Deposit Bond
EijjUy Bond (Acc)..,

174/.

1D0.2

9D.0

995

163.4

Extra Virtd Fd Band.
Family Bonds...

Far Easte rn Bond
Gilt Bond

HgHY Iekl Bond-

- -o i

17L7

212.7 -L2
1104 -0A
303.7 -ft2j

M2 102.1 VZl

11374 104J -OS

P7.7 102.7 -03

Hxmbra Life Assume* P.LX.

7 Old Park Lsoc, London, W1V 3LL 01-4990031

Fixed lid. Dep— .;
§ortty.

Cixrent Mhe May 5.

- rr. i

!l* li-spet

Capital Ufe Aaanm
CDtrtaon House, Ctopel Ash MTtba-

Key Invest. Fd~ 1

Pacemaker IhkFU- I

For Cfca

i im IMBWe Kntt A Uh

t -j-ml'v
fjn

*-..r <•

Chieftain Assurance Finds

~ 01-2833933

.. It

Managed Growth —
Managed tnconc. —

—

Income & Growth. —
Basic Resources

!®n

Far Eastern

Cash

m

Peo.feS0.Glp.

Peo.Prwv.Acc.

Peo.Man.Cip
Ren-Ma
PeroBft.

Pen. cat

Pro. Elite

Pro. Ec
Peo-B.

Pen. B^L

Pm.DJLF.UPu
P eo.DJLF.Acc.

^■.Lk*edGtBttJ
| IntenBtioiMiaond^

japan Fund Bond

Managed Bind— ^
PitnertyBond.-JB
^■■ijwnnd

■H Pvtsxn Find price

Co. (lamH

Deposit {Cap.

Do.tACCumJ
fcUytCap-?

Fixed I merest

Do. tAcoarU -
tadex-L

_ „ i-Urtod GL
OolAcaml.

isaa

a IftcueO.

PPftmdlteJ —
DO. {AtxwnJ ._
PacifictOp.!-
Do (Accum.1

— Property (CoU.

— Do. (Acxum.) ....

— PersooL PeoSrtJ —

Retance Mofeol

TiBifafidg? Wffc, Kent.

EtaMvFimd — 196.7

Prop Fill 1st Issr^L. —
Prop Fa 1 2nd Issue! . 1CNJ
Marvjged Fd — 1036

089222271

103.71 . . .

1'"

Royal Life Insnaace Ltd.

New H.1B Place, Liverpool L693HS 051-2274422
(toyji SXneid Fd 12292 21251+021 -

z teal Ufc (Unit licked Assnosj jjft

M w a OKl Ftxid I95J

Equity Find.. WS.7

Property Fur*) 194.5

Inrenvejonal Fund.._|445

GUI Fund

MmeyFurel —

-O'J

Save & Prosper Group

4, Gl. Sc Helen's, Into.. EC3P3EP.

— Gwa

^ErtjayFondtr).

Brt. l-w. Fa

Property Fd. '

am:

fendbi.Has
taWM.

Deposit Fdt- 167.9

Man. Peas. Fd 346.9

® 5 ^?EE 3 &$

5L7 -Oil
HM.7 -Oil
267J
172.0 +a<fl
177.7
367J
3535 +J J

_ GUtPens.Fd.

ft^O^VnvFdt.. f!6L7

1*90 +ft9
17X2 +C.4
■ 5071 -v-O-U

Hearts of Gak Benefit Society
129, Norway, Lndon, WC2B6NF *

■ ■ w - isa^ =

Managed Fu«l~ — .

Manufacturers Life Insurance
02-4040393 SL George^ VKqr. Semme.

Managed 0^6

Co.

043856101

. Bond Fund lr)-K7.9 .._ .

•Prices oa May 5. tWrrtJy itoafings.

Schroder Life Grotqi

Enterprise House, Porurawth.

0705 827733

Henderson Administration

11 A«Ub Friars,

. -2-J
'J, l \

COr *f Westnduster Assurance _ __

... _ _ . ^-,1 \°Si te^rowteFami. 1

TtdwDwQy.,.,,,.
SlWCUISrilBtOK Fd.

01-5883622

West Prop Food —
agedFi

Managed FpM

■gsar*--

., JFiBd...,

Mawy Fund-
Gift Find

" .'t .

Black Gold Fd 1

PULA Fund.- 1

Mutged Fund.

De|wtFi*d

Soc. Prop- Unle.

Soc. First Unit Fund..

Frtxi ue icn fe

korth drwrrcan Fn»<S.
Far Em Fund — ._
Property Fond ...

Pme Batatl. fep._.,

Qyevseas

income Dtarti

Income Adum. —
CarttM

H8I SanueS Life Assnr. LW.
NLA Twr. aotiscambr Hd. Cray.

LLl&O.

Thae are .Md prices hr owner podriw.

&«^(^Prte; arc MfjpMet texed

Eecmiai Fund 1

Clertad Medical Managed Ftmfe UjL

15, SL James’s So-, 5W1Y4LQ. 01-930 5474
Mixed Fnd . ■ .. • JMH

Cash Fund.. ,__11M.4 _ -

Prices April 27. Unit deaOiw on

u--

CemmercU IMon Groqi

. BnlKh^oad ...

li*mo!ian»! Fan) —

Orttor Fund.

Carnal Fund. _

Income FuaJ

Property Senes A —

Property Unto

JTneadal Fond.
Managed Series A~ .
Managed Serin C.~

01-6864365
H0.3

Gilt-Edged km

DO-Accun. — :

Guaranteed l*t_ —

Do. Aceum..

iiaernadOMl HA. —

DP. AcCunL — —

Index U. GUI InlV-..
.Do. Actum.

am=ili

Amencan.

M uUmil Investors Assuranca
Leon House, 233 High Sl. Croydon 01-6869171

— Property..

01-283 7500

mOuCr.

Raed Interest—
Property — • . .
Not West Unit TraM-,

Coirferfe/aUen life bsuratict ■ SSSSwAe? -
50. Chwovnr Lane. WC2A 1HE. 01-2420282 propertyte
_ . — “ 1 - Matogrd

VStSgfs

JKSgai

Intei rtam sal Pen-
Cash PHBkw^Hfe

Managed te

GuorameedAcc

•d= m as

Fixed inL Cap

indexed Secs. Acc. __
Indexed Sea. Cap

+L7

&S- - - -

B.S. Pen. Acc...
Eqimy Pensicn Cap.
Ewrty PeiMOnAcc. _

F.lriL Pen. Cap

r. IM. Pw.ita

Money Pen. te

Money Pen. Acc..—..

Prop. Pen. Cap.

Prop. Pen. Acc.

Prices ara Mr LNe Senes 4 May 6 art
Pensions Scries a May 4 Oner prices o* roc

— Scottish Amicataie

P.O.Box 25,

Fixe? IMernuin*!
mtmabonal

Z3??~-zzz

Exempt Fxd. im. Wt
Do. Accum

Muftfeic Health and Life Assoc. Co. Ltd. _

?«?r

= i=j =

Exempt Mis. fam . —

DD.Acajn .. ...

Exempt. Prop. WL.

Do. Acciert — i .

Exempt Cash hdL — H6 7

Do Amitt., 1902

Exarox Mar. lnit_....UM8

L'.:

Continewtal Life Imnnnce PLC

64/70 High St, tejdwCB09X»imgW0 5225

ESI +03 -

Imperial Ufe Ass. Co. of Canada
Imperial Haase, GdUdhutL

■VB&V&kW

71255

8H=I =

01-6265410

MEL Pension* Ltd.
MRUM Cowl Ooridng, Surrey.
NriexEa-te..— .

Nefcx Eo. Aum<
itriexMnwyCap.-
Neiex Moil At.

Netcx QA Inc te— f
Nefex Shine Acc — 8
Net M«L Fd. Cap...— r
Net Mart Fd. Ao.__k
Ne jet Deposk Cap— t

Scottish Mutual Assurance Society
109 sa. Vmeem SL, GIWW 04L24863Z1

REKMkJH M=d =

Scottish Widows’ Group

dl EH1£>

PO Box 902, EdMburoh

Iw. Pot 1 May 4. —
iiw.P0L2May4_—

im. Cash May 4

Mixed Fund

Eadty Fund —

58U 031-6556000

■SgsaS 4 ---

Nriex ‘ ‘

Irish Life Asswauoi Co. Ltd.

BasBdon House 7/11 Macrgttfc, EC2. K-6068401
BlaeCMpMw.l gU_ J6J — -

NrilwtocL

Ited

Fired InL Fond

. Carir Fund —

Pens, Mixed Fd-OnL.
Pens. EOHty Fd. Ort.

51 — J’ —

Pens. ProP: Fit Ort-

Pfns. InC.Fi

Fd.0rd._-

Credit & Cwawerc* tasureuw
«,fe9eMSUte*nJ!nA5re, 01-4397081

ESI ***** “

— WsBHttomeFtaid —

— ciotoi Fuaa_-.-__-

Pett-CashFd-

NPI Pensions Mfemg e nwnt Ltd. &. u! f^MufA"

48GraseOxochSt, EC3P3HH. 03-6234200 ^^£<1...

Miimumaxl . . |7ni7 2963 ..J — Do CL Fd. Mw4.

"*^Rras te 4. Next darting Jo* 1- Da. Pro Fd te4.._

Now zeufeml sol Brit Iosco. Pt-C

MaWandHouse, Southend SSI 2JS 070262955

Cmcaat life Assurance Cfl. Ut
M New Bridge Street. EC4V 6A1J^ OL'3538931

Jfimd-
f lid-

IClng & Stnxsoa PLC
SLMM.B3.

Bond Fd. Exempt — [02.74

KM Key In*. Ptan_.
CE»6>r.__

&2

01-6235433
84381*0Stj -

'a =

Lanrimn Ufe Asm r. Cu. Ltd.

(joghant Hta, HoisbrtdleDr, NW4. 01-2035211

®®!lKn-K-

Da. Pro . _ „

Do.CmhFd.te4._l

Sk ** dfe Ufe tew* Co. lid.
ttl-l£6FbctSL, London EC4 20V 01-3538511

+0.7

^+0,5
w 137.91 +0‘

^34^ iSfl+L

, J14S.4 15151 +L1

FW fe«i m rther UJB a«5aro«
Basis Rales pteae Plane 01-353 B5U
For Solar Life fearance LbL
see Sw Ufe Mil Mian LUL

Managed Acc
EaxtyACC. . _•

SCrtusACC ...
Intemauonrt Ace
Pens. Managed Acc_
Pens. EwrtyAet.

Legal A Gonenf <lhdt Auur.> lid.

g^^^^JgSSkSS

Norwich Unieri htsoanee Group
PO Box 4, Nonvidi WQ 3NG.

**'& aia

060322200 Standard Life Assurance Company

3GMrgeSt,OMut<i£H22XZ. 031-225 797L

WLInWat.

Bs S S^gnam s

JA75 bempt Prep. IriL.

® , '^ 3 f ac

hntt (feta Ufc Imranci

rTOp fjTTa

ffiSiSsST:!

Mxed'

'Prices at Mw 4.
Nor. Units April 15^.1 3062

11412 VOX +153 —

n«ed Intrrrrt i-5X .

Fixed IrtereaAtc.-
Cii Cop. _______

tenAcc..

Inurawxd Qp. ~
latrmrtionhl Atc.._.

AnaxJrM?

Ammf,wAe£ . . ■

FjrEjarrnte

Fim Eastern Adc.._ _

[>JnaulJoa— _J

Sou life Pexdero M — g eo— t Ltd
Uurts tee rirtadurt perxra

Peir. Menagrt! te _I?4$.fl
Fcft_ Mraxrt
Pros. Propertyte.

aj*i|
i«:3 Si

137.0 . ..

147i

1*3 .

155> -0.1,

117^ -02*

1A1

vn.q+o'

1475< +Ux-
11441 -03 10.49

—

ii

Peas. Prosxt!*Asc.
r..EaJfyte ••

Pens

Pern. EtyrtyArc ... RflLh

— Pe«. F. Wert-sl te

— Pens. F. ImrrtM *u. jKH.9

— Pen*. Cash te- —

— Pmi CrahAoc. f

Pens. hart. Cap

p*m_ lam. acc

Pens. Aiwncan Cap..'

- Pens. Amiertl Acc. .|jD33

Pec. F» Eilm. te-
PHCs For Ellen. Acc

1575

loTo

z Target Life As su rance Co. Ltd.

Providence Capitol Ufe Assc. Ca Ltd.

01-7499111

Mac Tuod toe.

Moa FundCas. — ..

Man. Fund Acc.

Man. Fd. IM._ — U

Prop. R*d Inc

Prop. Fa. Cap.

Procx Fd A u

Prop. Fd INL

Prop Feu hr*

FrtfrtlM.Fd.lac..

Fnmrt Iol Fd Cap. ...

Fixed Inl. Fd Acc. .. (13.7

Fixed ha Fd ha

Dep. Fd hw. ,

D+p Fd Acc ...

Dm. Fd mn |

U.K. Ecpoy Fd. iw. .

U K-EqotvFdte
U K. Coaly Frt Acc ,

U.K Ecxuty Fd In*. J
M.EqwxyFd lic,_

M. EMnsy Fd Cap. ...
tnt Eijuiy Fd Acc ._

Ins Eoatty Fd liu._—

Ret. PteiAc Pm__

Rpt PlaoCsp. Pen ..

Man Peiv Fd. At£_..

tei : Pm W .t»-gg l

GaH Pen. Fd ACC

Gdt Pin Fd Cap

Prop- Pro- Fd. to.. .
Proo. Pro. Fd Cap.-
Guar. FYn. Fd to _

Guar. Pro. Fd te _
dup .

01-4059222

Iraxn-l. Pen Fd .
IrrteiLProFd to...

Slrrtino Fund ,

LI. 5. DoJlarFufld |

Swr.s Frw Food... J
Dftdsche Mart Fund.
Yen Fund

N5J

Scrim- 2 Man Fit

SroiA2EjdnlyFd. _

Senes 2Pn^FA

Senes 2 Fixed W.Fd.,
Senes 2 Money Fd ...I
Series20Sea»Fd—

Tulip IrwcsLFd

Trtip Mjnaqyd Fd. . .
Managed Inv. Fd. inL
M*wd ln« Fd Aoc .
Man Pm. Fd.Cap..-
IlLsLPcn.Fd Acc_. .

iuc-c; ...
242Dj ...

— Trident Life Assurance Co. Ltd

London Read. Gtouce-Jer

Maorwd 11628

GldllfeL IlS?

Property

Amrncm —

U.K. Equity Fund

HirtiYWO

Gm Edged

Money

ImronaooruL

Focal

Growth te.

— Tnlnv.

Growth to.

Per. teftyto —

Pens. MnyLAfr.

Pens. G4t Edged Acc.

Peos.GniD«£to. ,_.[16?J
Prat. Pty. to .., ■ [2251

*. Bond J5L7

^-155
127 II

lbOJ
164 b
152J
13673
J112.I
(1744
1640
1662
1723

Tyndafl Assurance/Fensions

38, Caoynqe Rood, BrisWL

Z

EoOty
Bond . _

Property.

Overseas lor..

UKhxr. 1

SSpeniiCw'ZZ

BBKEz— :

Prop Pen. —

Dep, Pea . —

Hr* Series hum Aprl 1 2982

U.K. ElMy — .

Nth-AoxysanEd-.
FarEmtEa.-

FuutL

— c»h Deposit... ffil

— Index

Fund— 1

1794

Z36.4

2303

207.9

1S3D

L3JB

2195

1743

277.0

4314

2094

166?

214.4

1028

&

W

Sr

tooi -22 -
1132 -11 —

IOL? +03 -

1Q0J +0.1 —
1007 +€2 —

UOj -13 —
106.4 -05 -
102J -03 --

Vfeifarugh Ufe Assurance
41-43 Maddox Sl. Ufe. W1R9LA.

Managed Fd J35.9 +0^ -

ElBhty Fd. 1

imm. Fd

Fixed IdL Fd...,

! !

iFd

38L • „

S2 i -

m ~j

Vanbrugh Pensions Laurted

41-43 Maddox SL, Ldn, W1R 9LA
Managed |r ‘

F«Mfin»rmr!“Z!- i

01-4994923

Guaranteed

169.9 OT.'I

1972. art

1573 1650

IM 3 173 C

-a. .

96.9 1621

1257

Windsor Life Assira. Co. Ltd.

Royai Albert the. Sheet SL; -Mdndsav 63144.

luvesror Units

Mmm. Pea. Umts_._
Flex. Inv. Growrti„_

FutierAssd Growth _l2aCH

~ RrLAss’dPen.' I

OFFSHORE AND
OVERSEAS

AiSg Investment

Posdadi 70B, 8000 Munich 1. Tele* 534269
Adrama tS»'2s Z

fS^ZZZT.ZI^m -

ftrefe Iw2in 2313 -0W —

Albany Fund Management Limited

P.0. Bo> 73. SL Hriier. Jersey. 053473933
Albany SFdrCI>.__.W6a « 171261 X30

. Next ooxog May 14.

— For Alaawdvr Fond stx Lloydi tank IntL Guenoay.

AKeo Harvey & Ro» Inv. MgL (C.U

1 Charing Croo, Sl Hrikr, Jsy.. C.I 0534-73741
AHPDcOarluc Fd^jgftg ££

— AHRbltEdgFd

AUance l u t e na flo wal Dollar Reserves

cto Raft.pf.BfrriMia.toTxhQD, Bemu*..

Mr. AC M 1, 62.63 Queen SL, EC4 01 2488801
Dhtnbution tech 17 (Q000371> <14596 pi)

Artnrthoot Secraftfes (C.I.) Ud. (aXcXb)

P.0. Box 284, SLHetax. Jersey. 0^3476077
Dollar Incane TO. — S04R8 LOWrfsflDM 1570

ssaffisa^’ S-diS®

Dealing on Wednesday-

036

I— J -

Infcmati0rid..,_ —

Fixed Interest -

Indrx United —

Osh

Pemlcxi Managed.

Pension Property

Pension Eigwy.—

Remkailnd

PeosoaFxd. Irt~— ,

Penaon Index

Pension Cash P»-8

Sun Alliance Insurance Grtt?

M5«

1?1 b

1 912

It

182.4

B.LA. Bond Inve s t me nts AG

10, fenrantrau* CH630L Zin, Sarttariand
SearwSW April 19.. IlD^aO H8O0 — ] —

Bah of America Internationil SJL
35 piiilMrd Utrpt, Luuan*a> g G D.
WWiw«meome-..._ini343 1M0U... . J 1948
fems Jl Aprd 29. Ifexl sth. te &.

(Unit Fends) L«- ,

252HHhHo8wr*WClV7Ea , J04M8M1.

Inr. Prep. OkL_— 11313 •

lW.PTOdto__ — '0776 w3 l

Sun AUance Home. Horsham.

177

Rw?lte«Fwd-

Ret-Mnoed.

Phoenix Assurance Co. Ud-
*5 Woo WMama, EC4P4HR

tSSU3b=;

Deposit Fund — . —

Managed Fund
WntTtoid*

May 5

Barclays Unicom Intematind
1, CftanmCrasr.. Sl Helirr. Jersey. 053473741

UnigW Trwl .41J

UnkjateTnra all. 95 125

litxdood Tact (59137 9L9

], Thame. Sl, nou*av }*• of U»

^ 04M64141

. - D^AosLWta».I..—

lod-mu

— llacum tkrA. Ert —

Do.Grtr RaclBt —

Do. I nil. income

01-6269876

Hrtridu* PBafen ft
Into Unfed

iffifes

lokti

SSSsar'i”

DtpOtf .. „ —

tagged —

Do. Irtrctf Man Tfl

11151 . ...J
M9i *U
3327 +L1

102.4 ....
ID 35 “1.0
31 &5 . .
lC7i -rilj

_ Do. Manx MAuri-A.

HL2D

1060

230

BishDpsgafe Commotfity Ser. Ltd.

P. 0. Box 4C, Douglas, 1 0 U 0624-Z3911

ARM AC" Uayd .1351-53 54J

■MM W® ^ „ ' " iSwi: IU1L8 1B7-5+OJ) - COUKT- M.w4„-. 0096 32

35 SaefSai sa -~i ~ isa - «

160

£L Hal xd. Jtf* 7.

Ned aasjy May J-

Bridge Management Ltd.

GPO Bo> 590. Harrs Kx-.. '

NTxnh>4nnl30 J .V2S582 .- ■ -

NamnFd-teh -®LJ7 ^32+3S *—

Guinness Mahfin «. Mgrs.

PO Bac 152. Sl Peter Pert, toW : O® 81 .^*-
inl. Fund _ _
t L'viinj Eo'iitf

SDR EcuicCeit . — -- .

feiem at Agfe *. HM »*“B

(tuvst Tuod Man. (Jersey) Ltd.

P-O.Bh 194, Sl Halier. Jersey. 053427441.
Quest SUp. feet l«_Kti7U *

0267

Prion m May S. NmdcaSng

Ihiflfer/HeimiW CoanuAtfes
31-45, Gradmor

RtU.Fd.lnLI

Next i

am Street. EC2V7LH. 01-6004177

it£» aw * 1 -

Britannia IntL Investment **njnt.T3d.

stffljrr— “■

ILS. (Mr Bnartmirt FuMb--
Am Smaher Col Fd (SL428
GciC Field' 153*4?

Kccitn Pacific Fund M#»t- U 4
2110, Camixigle. Certre, Hong Krt*9.

UOMmal Grren Find -®g|7

DuHariMOirFd

Sfcritag OcnwrtirtW.Ffedi

AmcnCfe feefem M* *
mPerf. Fd..

Sun Life Unit Assurance Ltd

107. Chenosidr. toman EC2V6DU. Q272-2495M

fiuanlfcB Perf. Fd. .. 75.9

F*- Ess Fund. 923

Jew EnnyyTd — lh2

Jmewfer' Wj

U.K.6»Wdh Fund... J17

USMFnrt- 199.9

Sterte DepoUt Ftxxh

SataaSi-'fe

■Vte Hse. sl Pwer Pan, U^jy
1 Tamr. Srert, tea*. LCM.
G4I Fund (Jeneyi . - P 32
Gilt Tract (l.O. til:..- 8i

Haabres Fd. Mgn. (C.I.) Ltd.

P.0. Bex Go. CwRitey. 0481-36521

14.70 .....

RBC Investmen t M ma tn Limited
PO fin 246, St- Peter Port. Guernsey. 0481-23021. ■

“SIe® Hi'

special Sits. Fimd _.»L1
c ‘ .." n. Forr-v^i i

S'erfingaa . . .
Trans.^lat- Trust — .
■real Bond, — -- _

K '*tT-tfi

ILxArtH ■

^xt dCrtW9jfay.lt

{targe on wd order*.

Rpmima Rtaaagm Ltd.
P.0. Bx. 1549, Huftn, Bermuda.
RAMIN COUey 4 IS8JB6

(809^9)2-7979
9331— .J -

Grit Furx)GaeTasey_fr7.7fl

amt Go*t Scaur Trad , _

ForC Siedma *17 06 17

Fl5iS!3:~lE2267 5^

W34 73741
04&1 2W0h
0t£4 4&>

:.:J m

ffendmua Admla. ( B ac reiry l LM.

7 ?J m *A. Sl fever Pwt,.Cuenwy M81 3654U2

■”i 13 :d =

RkhMMnd Life Ass. Ltd.

4 HW Street. 0*»»lrt,l0-M.

062423914
1S65I-231 -

78-41

1525

Trast. I

nffllTruSt—i

Managed Ftfrt_

CdhiTra .

Gold Bond

+a«

-iM

1158

1157

Henderson Baring Group

fiCL G*ocei«, 11. Pcddw, HteteB

Data Dtiihfig-I»»r Fuc Me** Ktandm.

••tu&ffy WW.ii-Cepart Ream ILSDf?. .

MliiiM*...

Jraa.iT^rt-Uay4—
rail 29....

Brawn Stapiey TsL Co. (Jersey) Ltd.

Jj p m Fa. April

P 0. era 583," SirHcGer Je~7- . - Bud i£ ^jSgUj

~ SiertrogKLFift’ _fe92B, ,ftg|vCJ& 13.99

— 2trtin?Cap RJ.Mt.W39 — -J —

” InLCur.FateW 1990 IBS - ■ -

RottaEMd Asset Management (C.M

PJL Bra 58, SL JrtfaHB CL Butrnsey. OAfll 26331

....J 30JD

Sutterfidd MfetagettiMt to. Ud.

PO Dot 19% Harrxitan. BernxxlJ.

Bi0ir**4, Eosoy |S3 93 42C1 ... J 120

Buunsslocome 1229 24S . [31 to

PW. at AgM 15. Hwt sih. (C> te -9

Hill -Samuel * Col (Gaermey) lid.

S LeFeUwe St. St Peter Port. Guernsey. C.L
GmireefTa HOB. 2ZM1+25I 12»

~OOt

tames Limited

Sd

M ■Francs

Rwirtcanns

miiv

Hill SamaeJ InvesSreeat Mptnt. hrinL _

PO Sox 6% Jersey. 053476029

Save & Prosper International

Z CAL Investments (MB) Ltd.

Iri. rianTGmfth Fa).|ll7.0 1244 ...J — Rad lutarert tods

S 3 ? ^

Jersey

053473933

33425

Capcfirec SA

Pa Bra 278. 1211 GertexJ 12. 010 422? 466253

Fomein I2>7S 150 tO I 1.90

EOKfcetex . !frt9t»9> 112.4^ - ! —

LC. Trust Managers Ltd.

10, Sl Georges Sl. Drartos. loM 062425015

lrr*_dnnniodifiK la.I953 W1X -45] — -
Ned eesfcig day toe Z

WeSSlW

North Amertan-4—.

Sqxro^,

Z06

Capital Asset Manogen Ltd.

Orrrxjtn Hse. 5i- Jc to s. A«?. SL Pfro (>»T
G u ern se y Cl. lAcl

TbeCrareocy Tncc _.|9B0 2049 ! D.9J

(CF Management Services tnc,

C J R-pa mr*.- P.0. Box 1044, Cayiran II, BW1.
Interrl. Gold FnxxJ.—|S6351 6LM| — J —

Capita! International Fred SA
43 BaAife Royal, Liuentxxug
tend lot. Fiexl | SS4.42 1 ...

N.V. Interheheer

P.0. Sox S26. Delft, HoWnd
EuneroidaCOnerPce) | -0F7L73

■ I -

'«■ " I?5JSS+

(Bternatiosal Bond Trust

8J5

0J6

JM

FiMrt- _l_!S69a I la;

: tpa.12 4ZI4| ... 1. 631

ces SL Peri 13. tbcC

01-2433999

Charterhouse Japtact

1 Patemouer Row, EC4
Eireeror

H * SP ^ic« “artoirE'rSc sit. cry te L

Irte notional Pacific Inv. Mynt. Ltd.
P.a Ejx R237. 56, Pia SL, Sydney, AiaL
Jrariin tedyTu IAS3J8 W6 — J 690

Schroder Mngt- Services (Jesey> Ud.
P.Q. Bra 195, SL Heller. Jersey. Q534Z7561

Charterhouse Japhet Currency MngL Ud ...
Ch«»»iH*.SI Heiw.Jtfsey 0SS4746B9 UK Agree

Central Assets Cornmcy Foods Ud.

llSS. . _ — .. --..fio.14 - j i -

L Starlet) iiD51 — 1 . ' —

D Maris - .U030 - *0CI -

Sw Francs. ..... - »4313 - leOClf -

TZI4 — J+ftK. —

- i+C’W —

Investment Advisors, Inc:
F-n iMemausnal Pias, Hoaton

X Henry Schroder Mtagg A Co. Ud.

Tens.

Finc-ai: InycsL Fd. _l —
Jbms Frtar

xSay Trt

S^rre»-r] Ttuaa: Cbrtv Tel: 01-247

12ft Cheapdde, ECZ
Am. IilTsl AjbO.28 .]

Alias Fd. Ai

CheaparieMar 5

Invicta Investment Management

1 C wring Croc, SL Hrtier, Jeney. 0534 7374L

G.ii Growth Fund ItHiM

■VA Income Fito — IL856

Darting Fd. April 23-

AS

- SDR\ — -t

>13

Transinfemational Life Ins. Co. Ltd-
55-57, High Hrt&am, WClV bDU. 01-8317481

Chawton Con x not C tgs (Ide of Rfes) Ltd.
29, AUxM Stnert, OougLv. IaU. 0£24 2272S

' ‘ ' 100

JardiiM Fleming & Co. Ltd.

46(ti Floor, comaught Ceotre, Hong Koag

Schroder Unit Trust. Mgrs. ML Ltd.

Bex 273 St Ptter Port. Guermy. 088120750
MngtOwy- 14992 524J3 ...-J 751

Norrai.feMmlTrw iqj» ljm j

NorrnandrConxT-S— LL3479 x.417g ...‘.j
Codix Qmency & Gdfi£ra76 11483| ... . !

600

CornhBI Ins. (6wmscy) Ltd. .

P.ft Box 157. SL Peter Pon, Guernsey
trtrt.Man.Fd J22D5 240 Ci ...\

J. F. Pa;. !

Go. (Aeon
J.F. ii

ntnl.Tsi—

cortesa International

10a, B c xS e xai rt ifeyal, Lunrabnrg.

Cortexa Imnl ..I 583-02 1

J -

JR Cm.i6ttFfl(r

045236541

—

Crasgmount Freed Int Mngn. (Jersey)

P 0 Bra 195. St. Hriwr. Jeney 0538 27561

GUt FimdlJs^.1 _|Mb 84.7(5 .. | 14 50

SS| Z

—

z.

;z:

—

—

S-S —

g.99 -*5.09

m1X| — •

'

-

""L

pi =

—

St^Sailao tfar i
Ffenmg&GrTel

ter id

(U-283

L70

Scrhngeanr Ke m p C oe MnpnL, Jeney

ICtarfegCnraSL Hefier, Jeney. 0S347374L

Bfffek'. ma

2400

vahtrt weeMy Vtonesex.

DWS Deutsche fies. F. Wertpapersp
GrunefaragMcg 113, bOOO Franl-furt
latests I0M3939 3Z45J+OLiq -

Leopold Joseph A Sans (Guernsey)
hirwl Cl . Sl Peter Part, Guermey- 0481-26648,
LJ. Sterling FLCTd._.,JD852 14531 ....J -

Sentry Assurance Intern a ti on al Ltd.
P.0. Box 1776, H*BHton 5, Bemrada.
Managed Fond (S4.4Z34 45677] — J —

LJS! „ , sr“

elqdxne Manager tar bust priceL

Delta Group

P.a Box 3012, Nassau, Batons

Debt h w- Apnl 27 JS3S A37| i -

Lonebn Agents: (Oeirarat Benson. Trt: 01*23 8000

Far King rad Skaxan see
tafem ML Ira.

Signal life' Assurance Co. lidr —

Ocean Heighre ftn e n sway. Gtaraitar. Telex 233Z
Growth Strategies Fd_ £265 265| J —

Deutscher Investment -Trust

Posfach 2685 Btebergasse 6-10 6000 Franldurl

Concentra. BWlfeTO J7.12j+0fl5( —

Jni. JRenteedoncfe 1MB951 614l] 1 -

fCfeinwort- Benson- Group

20, Fenctxirth Sl, EC3.
Goernsey lnc._

Dt> Acorn.

0272732241

K£. Eurocxxxl Fd ._

K.B. Far East Fd

K .B. Gilt Fund

KJ>. Tnt- Bd. Fd. Irie_.
hL£. lnt. Bd.Fd. to

Drerei Burnham Lambert k_b. i«i. Fcmd — ,

77. LonttanMM, London, ECZ 0 V-«3 l200-»f B .Jawit Fto ..

Wncfaester Onersrfied Ltd NAV March 31
US$26.73.

KJ>. Sturt. Asset RL .
KB. U.Sl G arth. Fd...

_ WincbKter

OweiseaslJd NAV
. ■ USS10.95.

WinctiedeT U.S. Reserves LB. Current yield 133? i.

nearrti 31 SiraetBenautti i

- TransauaiMFd. -

Singer & Fried lander Ldn. Agents.

-20, Canotia Sl, EG4. _ . 01-2489646.

Strategic Metal Trust Mngrs. Ltd.

3 H* strerl. Dooglas, I0M 0624Z3914

Strategic IfetaJ Tr. _JSL944 ' 0.968] | - ‘

Stronghold M anag e m ent Limited _ . .
P.ft Box 31% Sl Hettarijeisey. 0534-71460
ConawarttyTrad P3L59 13852] ( —

Dreyfus IntBCOntmenbl Inv. Fd.

PD. Box N3712. Kxuxi. BdOMR.

NAV fAiy 4 (26.18 Z7j3S!+099l

640

Korea International Trast

Fond Man.: Korea Invest Trast Cb Ud.

asSR* c ™ » "Tajssa

NAV Won 644367M, IDA value S8910DW.

Sorlnvest (Jeney) Ltd.
4, HM Su Douglas, Isle of Man
Capper Trust. ___ — JOZ37

062423914

uoa+oo3i —

Duncan Laurrie Inv. MgL Ltd. '

Vhanry the. Sl Peter Pori Guernsey. 0481 2 8034

ftSS&ard a S3 :J S

The Korea 7rnst
Baetau Investment Trust Co-LbL
1-518, Yodo-ctaBg, Yongdanypo-Ku, Seoul, Korea
NAV April 30 (Wan 10386) (U 551439).

TS8 Trust Funds (C.L)

10 Wharf SL, SL HeJier, Jersey (Cll
TSBGdrFiranjd. ■

053473494

TSO&i^
feral oo May

Emson & Dndfey TsL MgL Jrsy. Ltd.

P 0. Bra 73. Sr. He6er. Jersey.

E.D.ID.T. 4U0.9

^3473033 Lazard Brothers A Co. (Jersey) Ltd.
1205] _7j J-O. Box 106, SL Hrtier. Jerwy, C.L (K3437361

01-533 70S!

01-499 4923

The Eng&sh Association

4 Fore Street, ECZ
E. Arlnaxne Fd • — (64 5

E. A. Starting* f 575 . 57

E. A. Etauty" (6D.1

VAwtTsse Cm. Fd. ■ ■ ln5 7a .

•Next deatinq te 1Z “New d eXmg te 28.

Lai. Bros. I w. Cap—

Lai. Brat. IM. Inc.

ui-Brcs: laL Asset-
Lar. Bros. Int Asset..

Tokyo tactile Holdings N.V.

Irttafe Management Co. ILU,. Curacao.. . .
NAV per (hare May 4. 98090

*aa — | 7^B

ErmKage Maragement Ltd.

GremriNe Hse» Sl Keiier, Jersey, C.I. 05347KXJ7.

ass&dw = m

LJoyds Bank (C.I.) U/T Mgrs.

P 0. Box 195. SL HeWer, Jersey- 053427561
OoyK Tu. 0Seas:_.^79.6 „^«f-ft6f Zffl

Non dealing dale May 13.

UoydsTrnacm,.__.f£R95 ■ Wfaji 1 13.78

date May 13.

Tokyo Pacific HMgs. (Seaboard) N.V,
tntkrts Mauaeemert Co. N.V , Cmacao.

NAV per share May 4. 559.03

TyndaiT Enwp
2 Mmx SL, SL Metier, Jersey.

‘ied i

Eurobond Holdings N.V.

Pieterawo 25, Wlllenread Curaao.

London to*. Jrtrt Jj3 PtaKhro Si, Lotrtco EC2
Trt: Ol-fgB 6011. Trj«- 8814CH
EuroHhtgs.- H2Q55 Z L 2bl ..... I 9.50

Lloyds Bank International, Genera
P.0 Box 433. 1211 Geone 11 ( Sw Itte rta nO
Ltayds Irt. Growth — BFMZ5 «2JDj 140
Uoyds Int Inccrte „|5/Z7ft5 2BO| — J 750

S.G. Europe OMigations SJL
9. Aoenue de la Uherte. Luxerrtxrcro
London Agent: FFS, Safctoy Hv, London UbU
EC2M 5TX Tel. 01-920 07 7b Tte 887231
Europe4Mgst«»ts._l $4462 1+114) 132

Lloyds. Bank UitenntlonaL Guernsey

P.0. Bcu 136, Guermey, Channel Islands -

Alexander Fad 1 512.36 I _..] —

Net 4$se( wine April 26. . . .

g aOfcdBK

Slraes)-

Louis Dreyfus Commodity tand
(•'(i Tnruer, P.0. Bov 1092, Caynaa Islands.
April 30. Valuation per umt S5.175D8

Eurotax Investments Ltd.

1. Athol Sr, Dourtas. Isle Ol Mao.
liK Agents FlS, SLABans.

Eurotax h*r. Fund [1M5 215.4]

, AtlaotK L
0727 33166 Austrian]

MAG Group

Three Quays, Tower Hill EC3R 6BQ.

-te«—

01-6264588

FAC MgmL Ltd. Im. Advisers
1, laerence.Po i i n iryy Mil, EC4. 01-523 4630

1003d l-.-J L50

siaoto I } ui

Prices Apt! 28. Weekly feJosts

Gold Ex. S(a* 5 j

Ittceixx. Urrtsj—

Islam

(toxo uons) —

Comdty. lntL.__.
Pacific Ind. April

M. G. TyneB A Co. (Jersey) Ltd.

P-0. Box 426, Sl Heller, 'Jersey, C.l.~

Orta c 1 - SIDjOOI .._.] —

RdeSty International.

8 Queemway House, Oieen Sl, SL HeU+.

Jeney, CJ

Management Int e r n a tio nal Ltd.

Bfc.ol Bermuda BMy^ Bcrimuta. 809-295-4000.

5ca tad Bd. Ftf. Cap | 0353 I j -

Boa. Inti. B<L Fd. Inel_ UftH | J.3Z00

Kay 7.

Pros On Aprd

orofiog Mar

EA L “-

American Assets

fen-Vdi CamPf.33*.
Amerran Vais. Com 1

Australia—

DoibrSraifrtS TrusL

Far East

tntenutonai ;

Orient Fund.

fe»f*

Amertem Inc. T-.,

Grit Fund !

S22J

0534716% M&fiand Bank TsL Carp. (Jersey) Ltd.

' 13? 28-34. Hdl Sl.Sl Helier. Jersey. 053436281

UU. Drayton Gik

4 — Md.Drgytonlia.Bcnd.il

IMob- bwestment-GeseHschatt mbH

Postfacft 16767, D 6000 Frarttfwt 16.

SeeeI

Minerals, Oils Res. Shrs. Fd. Ine.

PO Box 194. St. Heber. Jersey. 0534 Z7441

MORES May 6 JS9JS 9.45af+ftiQ 127

Samuel- Monta^i Ldn. Agents

V4LA. Financial Maragement Ltd.

4Z Essex Street, Londoo, WCZ 01-3536845
PanAflier. 0^ Fd—_t55J3 36Jjl£ ._..J _

FOr van

M

Ftaandal.

114. 0« Broad SL.EC2.

Prces at April 30.

ACiTft.
OFtL

Apollo I

Fleming Japan Fund- SJL
37, n* ttae-Damr, Lyiemorarg
Fterrtnato330-'._-f W9

73 l

01-5886464

jgasSS"-

) 17 Jersey April 26-..
1ST hey.'Oc.AprZl.,
llTStfe Pesi April 27 i

Vanhrogh Find Hfegmt. IntL Ltd.

28-34 MB St, St Hrtier, Jersey. 053436281
VMxxpi Cvrency Fd.iU7.4 U7.7d] j &J6

Frankfurt Trust Investment— GmfaH
Wnmaa 1, 06000 FranWat
rT-intomrs.,. ._._|0UJ»3t flOW+AWJ
FraxOth. EftekL Fd_.loe©c M 5t-9W-ftl'jj

Free WbrM Fond UtL
ButafrtM Bkfe, Harxlttn. Bermudi
NAV March 31 I S14SU9 1 ..

Murray, Johnstone (Inv. Adviser)

163, HopeSt., Glamour, C2. •' 041-2Zl'55Zl

KMSIM'M Loidz-

PasAr hurt Mardi31 .1 5322 __J —

5. G. Wartwrg & Co. Ltd.
30, Gredwn Street, ECZ

fEStt&Zi
B&KU

01-6004555 .7

G. T. Ma n agem ent (U.K.) Ltd.
Rrafc Hse J6 Fitrtwv c*cr%

Tel: 014&8 8131 TIi: 88blX

UMdon Aqetvs tor:
GiR Erne. ._..

Nat. Westminster Jersey Fd. Mgrs. Ltd.
2»25 Broad St, St. Hrttrr, Jersey. 0534 70041

-SuS. day every Ttam.

Warbray Invest MngL Jrsy. Ltd.

7 Library Place, Sl Holier, Jqr. Cl 05J4 37217

Ss^Kdtt Hal m

Anchor Gil

Anchor Ir*. Fa

8nry P=c Fd.

Berry Pac Strlg

G.T.AdaFd_

G.T. Asia Sterlirn

G.T. AisMBAFtL

G.T. Bond Fund

OT. Dollar Fd

G.T: Ur. (Stria.) FtL.

G.T. louesL Fd.

G.T:Jtat Start Col-
G.T. Tpchnotojy FrL_

6.T. Pacific Fa__4
G-T.Aieai Growth Fd...

,^.76

W.27.

56062

1E4J3 43160)

HKJ19.41
Ife

8 83'

7^

087
511S0

□«6 1474)
S6.D7

jiDa
S14.17
69.9B

Neg'd SJL

10a Boutavard Royal. Luxemhooro
WAV May 4 W.41 - |

Wardlay fenrestment Services Ltd..
4Bi Flaor, KuiriitiOA Home. Hoag Kong

H-EX. Intematwnal Ltd.

P-0. Bra 119. St. Prier Pott, Guernsey, C.I.

■ mm & l

WanSry Bond Trast _£
Wfcttey Jfe® Toot. *

820

112

lf° Stemng Kana»l [57.9

Ht &fS5&-su

InW. Manayed — [634

WvrM Wide Growth Management#
10a. Bortreaid Royal, LuxemOouro
Worldwide Gth Fd $1170 | .....l

& 6. lor. tea, UL, Loum.

hr. Mi.-. M. & £ lor. tfegt.

-za:

0.99

150

Nortbyate Unit TsL Mngrs. '1 Jersey)

PO. Bra 83, St. Heller. Jersey. 053473741.

PacHis Fd. Miy 6.__1$9.78 1035]*01I7| -

Wrejt_DMB«»tlHy Management lid.

Gartaore Invest. Ltd. Ldn. Agts.

3, SL Mary Axe, Lento, EC3. Cl^ ^2833531 Rujffe Basin Fund

tatintr Pond Btnagere (CJ.) LhL (al (b) Ifla Bortenrd Royal, Uuemhoara.

NAV J 07.46

In. Adt.i M. & tf. In. MxeL, Lt

i SL George’s Sl. Dao^s
‘ n. Raid.,

1305

Preens Metrt Fund.
VangurdCndy.Fd._l

SSfflRB K:

Eatut had llwnaiu (Fra East) Ltd- [e JIM
SeTjO Harecod Rl. “ Ksr;

HK&Rac.U.T'l.-...

Japan Fd. I

N. American Ta

lull. Bead Fuod 1

-M3I

133

263

DU)

a.u

960

Phcenta International

PO Bo* 77, Sl. Perer Pon. Gwrn.

Irtre-Ddlar Fund Kill

Far East Find Jr

Girtaaaa Fund M rea ge r s (10*0 (a )
POBra3ZDao9la.WeclMm Trt. 0624 23911
Gratrme Intt. Inc..— [191. ' J

IntL Uawncy Funfl._|

Dollar Fxd. lin. Fieri
Stcr.EwnptGiHFd.

NOTES

048126741 Woes are In pern* notes otherwise indicated and
"*!_? rivha refer u> U.s.
doUras. Yields % (shown hr teterturaq) avow for an

buying oms _a Offered prices feclmta all

Gamrarr IreL Grth._U39J

AssIcwazloM GENERALI S41JL
PO tor 132, St. Peter Port, Gnenwy, CJ.

iBoeaHsaa j -

ProvWenee Cagtfef Life Ass. (C.L)

■f? Baa Ul. SI feter tart. Gueraey 0481 26736/9

®assMn

,r«abia

d = -

• • h Dtarlfaaioa free of UK HxpTpParodic :

premban insurance puns. 1 Single.' prenbra
llBMU. X ■* ■“

nrrot xM^SSLSf 6 !SS u i55f «9*«n •;

KSSS.tUKS’SS '

JT, &i£ZZ ■

toy ml feMe to daritafafe bodes.

iflpMtl

FOOD, GROCERIES— Cent

J*- b} Dr. YHf
Mr I -|W PW SK{

Wte cower the country

London ■. Leeds ■ Birmingham _

021-4549881

BRITISH FUNDS

1 Ftn 1 + «r

YitM

tat 1 M.

i

ii

i!

m

m

m

m

w

73 ] 13.9

nl i ifi

i

13.66
13.71
10.fi
1378
.71 12.41
1.43 13.83
154 13.86
159 13.47
.15 12.01

Five to Fifteen Years

fei
YrU
410 Ifl 333
$5 f! 3.70
3 0.10

31 , < 8.41
3 < 75 #

2 15.77
2 It 0.02
15 1555
15.20
16.42
13.48
14.78

£561j|£44
147 T 98
450 410
205

52-153
L 915 J U 1
_ 2.9 »

i

m

64 |
94V

781 *
66

91 % 81 J*

kp« n .

44*i 82V
107 84

93k 76 V
103 % 85 %
88% 78%
38 33 V

99 V 81 V
67 % 59 V
92 V 75 %
102 90

49 % 44 V
66 55 %

Abbott Ubs-II

Alcoa IS

AntaxSl

m

$

it'

Fm. Cora. America
First Chicago S5.
Fluor Corp.SV-
Fbrtl Motor S2..-.

127
240
163
193
133

15 I 10
125 115
47 39 lYwte

7 ?|

1

DRAPERY AND STORES

11.6 77

1 34V

19
36

35 I 167
23 64
‘138
43
■ 9

20
47

163
107
188
40
30
183
39
128
192

> ■ * >

S3S&

« 145 *
2.4 4.0132
2Ji 6.01 75

BEERS, WINES AND SPIRITS I* U®

gg i u taiiiuU hoik 1 87 la 1+1 j 55 I 2 .W 821 ( 7 . 1 ) I 67 I 50

64
233 -
26
190
£151
158

fill

1

Simplicity P3U

GreenaH WWtley
Greene King™.

Scott & Mew 2to

5

til

83

S HI 172
8 1 96
55 I 94
38
48
138
134
- J 82

H u

125
021 )

226

16 r 10 lAIIW Plant lOp.
23 1 13 (Allied Rk 1 Op-
43

66 51

16 14

292 210
22 20
103 75

66 56

62 42

127 122
550 438
135
33 31

29 17

107 I 73
980

tCil

225

48 134 %

tl|

52 135
77 62

280 234
266 *204
130

Countryside

I

Kean & Scott.-.
Lades Pride 20p
Lee Cooper —

* 55

20 15

115 86

42 29

45 42

■ a 13
31 % 15 V
146 112
156 129
66 52%

192 144
65 47

25 KV
19 11

64 52

72 49

46

32 I Castings 10p~
401, la*aberfln&H*
232
22
54

DeVete Hotels,

Grand Met. 50p

Prince of Wales

i

tti p

ttS.6 i

L 48 «

15 *

3.79 1

63.0 .1
d 3.0 ‘

7.0

tt

Kail

105 ,

45 4.:

6.95 ♦

3.75 | 4.;

Z

Tl

m

Si

8.0( 77 1 38

9i! M 93
7.91 — £21
- I — I 284
49
43
62

8j6 230

8.91. U 21
2Ji7J CA
7-" 28 5W;
1551- 37

-193.
35
16
54
110
29
100

84

&

38
182

ffi.

228 K 75 . )Baird (Wm-)£l

22 115 IBardseylOp

177

210
269
12
30
85
41
377
370
150
35
100
38
290

« 122 I 84

3.8 « 53

4 15 % 14

7.4 ^*1 57

6-4 234
U 231

ml
11 1

Til

™ 5

92 % 71
20 15

184 130
38 30

37 30

164

33.127
104 1 82
M
78
Z 10

tbfas D’dy A lOp

372 |318

LOANS

Public Board and Ind.

66 57V Agric. ML 5pc T59-S9
29 24V l*LWto.»c'BV....
114 103 U-£M-C.9pel982...
100% 94 Do. without Wamts.

+1VIBS6 14.56
+V 1053 13.04

1 789 -

9 50 -

275 Cater Allen a.

Tl

BowUntpe 10p-
Bdgln‘A*5p™
UfcutWMezft

88
8.25 *

6.6 1
1 J 1 .

‘PIS

Si-

27

25 [15
78 56

83

6 . 1 ] 2.7
5 3 B .7
LI 9.3
10.4 53

tim.*

\ "Our search for the best possible site
covered many areas throughout the UK.
and Wrexham proved to be the ideal
\ location... with its close proximity to mapr
A UK markets."

John Brazier, General Manager, Hoya
. Corporation.

Ophthalmic lens manufacturer. Hoya
'* Corporation, is the first Japanese .

company to start-up production in Ctwyd.
Guided and supported by Clwyd's
unbeatable industrial development
agencies, this venture has got oft lo a
flying' start/

For new and growing enterprises like
Hoya. through to major established
manufacturers like BICC.CIwyd works,
pay in, day out.

In the last 4 years, over 200 companies
have chosen Clwyd We know why.

For example, a highly skilled and
trainable workforce, with an outstanding
Industrial Relation's record are as
important as the new motorway and dual
carriageway link to the national motorway
network— 15m consumers are just 2 lorry

hours away.

Above all. financial incentives equal to
the highest available anywhere in
mainland G.B. are the key component in
the Clwyd package.

In helping you we promise positive
attitudes, without red tape.

Warrington .,
Watts SlBke..
Western Ercs

45 34 i Porter Chad.

77 55

30 27

39 27

74 60

44

300 192

■9 !

EJPjff

1

1

All the fads are in our colour brochure. For your copy, contact Wayne S. Morgan.
County Industrial Officer, Clwyd County Council, Shire Hall. Mold. Clwyd,'
North Wales, Tel: Mold (0352) 2121. Telex: 61454.

198
212
84

48 I 31
£ 29 %
£31Vi£25V
118 I 95
137

4 73
17 20 !
29 24 3
33 53

— 1 135

» 'SMS

■an

146

125 99

138 - 130 -
66 46 -

a is

142 78

£17% £14V(CoirtL Gn>. »-

45 35

52 £

39 X
56 5

| 37 30

107 90

100 81
10 6
338 286
90 66

737 545
£93 £63
13 9

+1G| h3.0

m

Brit. Tar PnL

.WKmSIM

H 5.91 13 6 Jj

10.0 1 C 4 J]

265 3.8 6-5

7 J 23 ] 4 , 4 f

175 .

126 ‘ ,94
49 Jl.
64 - - 47 ,
- 5 ? 46

140 95

192 ■ 104
25 Of
58 «

107 78

m

V

I I

ai

T

MOTORS, AIRCRAFT TRADES

Motors and Cycles

- i — i — i -

56

Regional Prop-1 MR
145
260
218
101
84

57
21

332
£238

Dg.BKC«9

St. Gary's Gg.lap

SsrduniM^^L

24 poiic. Low 22p

275
45
77

m

50 38

148 124

20 9

54i a l
152 ,
85
20 I
74 1 37 !

L 81

Components

51
150
72
20 -
27
SB
24

*■

35 SofrxOJIOASOW 42
42 5^ra Grew 3^| 4343
32 fmodMHM.) .( 33 I

Garages and Distributors

72 IMUM Gibbon.. I 8* I. 14J3 I 1M 67

8 \MtanStn HW Sh

4) (ApplrvarO Grp'TI 48

as

27 jCowir (T.)5 p
79 IQavii Godfrey

NEWSP

rn

X-

bwtflai IteOi K59.
Swire Pac-AHlc

i S

m 115 L 93
346 171
132 95

op 3 fig

:sl

SMntecrOft
Wilkes {J.J

BUI M

M 56
®4J 240

iss

Harrison Cowley-) 70 xf
19
165
16

rr 1 h£

nr

$

iTTp

’nwaondal20p.

9 2

pi*

- 325
404

— 89
~ 275
” 95

LEISURE

IA.20P-E “

51
291
£200
196
445
121
£131
Wfii
226
395
1564

Mar thorough 5p I 37«f

fSESi 1

£

104
302
68
m

64
93

382 66

16.1 64

_ 148

4.6 W

as “
“ s

(ffl 2M
A 30

M

SI

i 4 |3M
44
467
379
390
186
102
106
260

- 222
«.o ,S

A 147
is 32
264 286

do 116
«2 MO
55 286
-119.7 365
3.4 215 123
fB.9 - 1®

28 42.4 39

a* a
280
175
_ 191
- 83

272 _|4
21.8 232
_ 70

27.7 «?

IS if

a

129

PP1N

420 M
205 ...

160 ...

2801 ....

MS

40 -1

48 ....

230 ....

13>a -
M ....

120 ■ *1
151 +8 100

115 1 1.75

95 1175

300 ....

£13 ....

7 1

SHOES AND LEATHER

74 ....
83 +2
Kradboi, Sun 5p. I 4W ....
Lambert Hth. 20ol 64 ....

47 +1

4.Z | 4> ( 9.2| *

SOUTH AFRICANS

130 130 -5 tQ36c 251

i. Rl. £JWj 0365c 3.1

10c . 352 -5 07 Dc 2.9
2bc .54 -1 014c 21

50c 270 4085: 24

50c TOfirf 0142c «

210 045c 4.0

193 -3 1027c 15
800 .....40102: *
147 +2 5030c 1-5

35 (Beales (J.) 2Qp.
71

S

39
19

»

I’

fftif

TILE

189 ....
75 ....

43 ....

77 ....

SS:::

44 +1

& :::

» a

87 +1
£74% +J,
27 +1
131 i-l
KM

biunuvr Cap.

Murray Clydesdale

Murray Gleneevon

w

Si
4> 148

Z 128

4 7 £47%
111 470
52 £46%

Penttand I nv

Precious Metals TM..

nl

I

a fully integrated banking service

DAIWA ,
BANK

Hoad Office: Osaka. Japan
London Brandi: Ibt. (01) 588-0341
Frankfurt Branch: Tel. (06111 55 02 31

MINES — Continued

Central African

Uluamr

Warrior R«J1

— Hi* Law

♦ 320 1 75

30.8
(E3J

290 ^

m

16

- 56

- 2b

- 27

- 23

- 368

13.0 10

18
30
160

*84 15

123 a
90 35

98 I 56
150
62

m 352

1 1 56

27
46
65

n

50

- 1*3 ] 16

|J 30 l 12

OVERSEAS TRADERS

23 I African Lakes.

Itrt-

m

Pendolen lOp
Petal! nq SMI.

Supreme Cara- 5M1

*JL63 01

MOe I
ffBIBc 1J

5J
4.6
6-6
6.0
5D
6.41
4.9
4.8
53
5.4
4.6

crl 95
6-J j 67
23 1 7,75

105
255
468

WP

27

RISJiii

1

463

170

376

174

89
305
US
215

77
145

30l 2

258

78
307 +2
331 +1
278 +2
263

U5
105
38
3%

242
323
278
156
160
63
151z
200
67.

458
94
102
70
58> 3
125

4

Haw Par. S-Sl-I 78
M. kv.TsLJv.nl 360
Investment Co..] 73
KakuzikS/-

16 IOo.Com.Prf.5o tt

95 Ktafi’i TattorlCp. 125

16 Kwahu 10p— . 16

16 Laownt Wdp. lOp 18

125

16 U4

18 ...... 12

aaij aaa

58 -2 tlOS
40

DtittiiMaro&iitt
293
73
295
385
ns

£14
185
12
268
19*1
93

13

23

7.9 120
16 100
4 2 110
75 396

9.9 Ml
6.41 609

126

122

198

m 139

si

NOTES

Unless otherwise InSated, price* and net dividends are fat pence and
denominations are 25p, EStimiMd priee/eaniiogs ratios and covers are
based on latest annual reports and accoorts and. where possible, are
updated on btiHreoriy figures. P/Es are calculated on "net’"
distribution basis, enrmnps per share being computed on profit after
taxation and endlmd ACT edten applicable; bracketed figures
MBcate 10 per cent or more difference if calculated on “nH”
dbributkm. Covers ate based on "maxitnum'. - (fistrftwion; this
conparei gnw rflvtdend costs to profit after taxation, excluding
exceptional proAts/losses but Including estimated extent of offsenaUe
ACT. Yields are based on middle pricey are grass, adjusted to ACT of
30 per cent and allow for nlue of declared Otari button and rights. •

* "Tap"' Suck.

* Highs and Lows marked thus haw bent adpsted to allow far ri*ts
Issues for cash.

t Interan since increased or reamed.

* Interim since reduced, passed or deferred.

tt Tax-free to non-residents on application. s

t> Figures or report awaited.

9 USM; ml listed on Stock Exchange and company not siAJected to -
same degree of regriadon as Hsttd teaaitJas.

H DeaH in under Ride 163(3).

N Price at time of suspension.

9 Indicated dividend after pending scrip and/or rights issue: oner -
relates to previous mvidead or forecast.

4 Merger bid or reorganisation in process.

4 Not comparable.

* Same bXerim: reduced final and/or reduced earnings Indicated.

9 Forecast dtateod; cow on ear ni ngs mutated by latest ireerim

statement

| Cover allows fo/ cou ve isk in of stares not now ranking for ifiy Mends
or raidting only for restrict e d dividend.

* Cow does not allow for shares which may abb rank for dividend M ■
a future date. No P/E ratio usually provided.

8 No par value

f? Yield based an assumption Treasure BIB Rate Stays undooged until
maturity of stock, a Tax free, b Figures based on prospectus cv other
official estimate, c Cents, d DMdeod rate paid or payable cm pvt of
capital cover based on dividend on hiB capital, x Redemption yield,
f Flat yield, g Assumed dividend and yield, b Assumed dnddeni and
yield after scrip Issue. J Payment from capital sources, k Kenya.

« Interim Mgber than pmlu total, n Rights issue 1 Pending;
b Earnings tased on preilmlnvy Rgures. s Dividend and yield exduden
specM payment, t Indicated dividend; cover- relates to previous
dividend, P/E ratio tased DO latest annual earnings, n Eorecaat
dividend; cover based or? previous year's earnings, v Tax free up to 30j»
Irnhe £. x Dividend cow In excess of 100 times, y Dividend and yield
based on mergtr terms, z OMdend and yield Mode a special payment; r
Cow does not apply to speciil payment. A Net tBvklead and yield.

B Preference Addend passed or deferred. C Canadian. E Mtnbitura
tender price. F Dividend and yield based on prospectus or other
official estimates for 1983-84. G Assumed dividend and yield after
pending scrip and/or rights issue. H Dividend and yield based on
prospectus or ether official estimates lor 1982. K Figiues based on
praspeet n s or other official estimates for 1961-82. M Drddeud and
yMd based an praspeetns or other official estimates for 1963:

N Dividend and yield based on prospectus or other official estimate*
for 1982-83. P Figures based no prospectus or other official estimates
for 1982. 0 Grass. T Figwes assumed. Z DtvUMd total n date. " ,
Abtreviattons: to ex dividend; c ex scrip Issue: r ex nehts a ex
Ml; A ax capital distribution.

REGIONAL MARKETS .

The following b a selection of Lnodm quotations of shares previously
listen only oi regional markets. Prion of Irish bsoes, nrestpl which are
not offioaily listed In London, are as quoted on the Irish exchange.

Pres. Brand 50c
PretSleynSOc
St. Helena HI...

J ! 29 ( 21 jAfet Corpn. 167
97
10

AttHWy litu. 2Qp— . 41 .....

Bertrams — 17 It

Bdp'wtr. EsL 50p_ 412

Craig & Hose £1__ £12 1«

FWayPl«.5o. — Uh -1

GralgSMp.El — £26

K toons Brew SZ +2

HottUos) 25p.__ 575

lD.ta.SJm a 122-

Pearce fC.H.) — fUij

PeeiHWgt. 145 ...„

Shell. Reframrt... 75

Snail (ton.) 205

KISH

Com. 9% "8Q/82J £96^ ...._
Nat-9li%84t89.. £69 { +5.
Fm.l3%97/02_ £73% +K

Alliance Gas. - 70

Amoti 210 ...._

Carran(PJJ__ 74 +1

Concrete Prods. _| go

■HettmtfHIdgs.) 19

Insfa Ropes ; 35

Jacob...'. ■ .' 70

T.M.G 5- -2“

UiHdare.^ J 43

&8

t [975
a; £38*
° 1 (3&\

Diamond and Piatlnum

MadndgehLabl 245

- u Recent tams"'and “Kghts 3 ’ Page 39

Tbb unfa <1 awfUHe to every Company dealt in on Stack
Exchanges thraaphotstibe i/ufled Kbtgtkm far af« of £fJXJ
rnr annua for each asewity ^ ■

44

53

the active lenders

TCBIXi-Csnturv House. Ba"h!oaBM3FX.
Telephone; 0273-2351L

Friday May 7 1982

BELL'S

SCOTCH WHISKY {

BELL'S

Court orders disclosure of government documents

BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT

AN ORDER for the most
extensive disclosure of top
government policy documents
to he directed by the English
courts has been made against
the Trade Department.

The Department was
ordered in the High Court
yesterday to produce for a
juke's inspection about 260
ministerial working papers
detailing the formulation by
Trade ' Secretaries between

1977 and 1980 of government
policy relating to the British
Airports Authority.

Sir Justice Bingham ruled
that production of the docu-
ments was necessary If
justice were to be done in a
pending claim by 20 inter-
national airlines against the
uathority and the Trade
Secretary over the increased
landing charges at Heathrow
airpert.

He would inspect the docu-
ments privately to satisfy
himself that they were
relevant before ordering their
production hi the action, dne
to begin In October.

He deferred operation of
the order to give the Trade
Department time to appeal.
It had claimed that disclosure
would be contrary to the
public interest

The judge said the docu-

ments could be crucial in
deciding the airlines’ claim.
The pnblic interest in dis-
posing fairly of the litigation
outweighed any harm pro-
duction would cause ' to
government business.

41 Documents as dose as
these to the inner processes
of government have never
previously been ordered to be
produced in any litigation,”

he said.

“There are many proceed-

ings in which the ' basis of a
minister's decision is the
subject of attack, hut is none
have his working: papers been
the subject of production.”

The consequences of pro-
duction could be far-reaching
but it was not suggested it
would embarrass the govern-
ment in. its relations with
foreign states, or injure any
national Interest, the judge
said*

Details, Page 8

THE LEX COLUMN

An over sugared

U.S. proposes limit on Soviet credit EECmoves

BY PAUL CHEE5ERIGHT. WORLD TRADE EDITOR. IN PARIS nn emnlovee

THE U.S. is renewing its
attempt to organise Western
financial sanctions against the
Sonet Union with a proposal
that the allies confine their
credit offers to a pre-arranged
quota.

First, reactions from Europe
are said tn he cool, although the
West German Government is
understood to have produced t
counter-proposal.

The U.S. suggestion has been
made to the governments of
France, West Germany. Italy
and the UK. It is separate from
■proposals to charge the Soviet
Union a higher rate of interest
for export finance now under
discussion at the Organisation
for Economic Co-operation and
Development (OECD) in Paris.

U.S. officials expect the quota
proposals to be discussed form-
ally ai. the Paris meeting.
Talks on the proposal so far
are described as “ earnest."

Under the U.S. suggestion,
the flow of officially-supported
export credits to the Soviet
Union would be measured over

a given period. It would then
be possible to decide on a new
lower level for fresh credits.
Within this total each country
would be apportioned a quota
based on its performance
during the measured period.

The German counter-proposal
is believed to favour an agree-
ment to demand higher down-
payments from the Soviet Union
for capital goods. Under inter-
national guidelines a borrower
has to pay a minimum deposit
of 15 per cent. This could be
increased to 25 or 30 per cent ■

The \JS. move implies the
Reagan Administration has
abandoned efforts to win a
freeze on all subsidised 1 export
credits to the Soviet Union.
This effort reached a peak in
March when Mr James Buckle}-,
U.S. Under-Secretary of State,
toured European capitals.

The hostile response to his
plan has led the U.S. to adopt
a modified approach aimed at
lowering the level of financial
assistance provided by the West
to the Soviet Union.

It seems likely the latest U.S.
ideas will be regarded with only
sightly more favour than Mr
Buckley’s first proposal.

The reasons are much the
same. European nations are
generally reluctant to wage
political warfare with Moscow
by financial means, especially
when the U.S. continues to sell
grain to the Soviet Union.

Officials noted that the U.S".
Espart-Imrp&rt Bank- has no
financial exposure in the Soviet
Union and it is, therefore, easy
for the Reagan Administration
to suggest sanctions, the respon-
sibility for which would largely
fall on European countries,
Canada end Japan.

Britain’s position does not
appear to have been precisely,
defined. There Is concern that
a quota system for credits based
on historical performance
would not be fair, because con-
tracts for building the Siberia--
West Europe pipeline have dis-
torted traditional trading pat-
terns.

A debate appears to he . devel-

oping between those who wish
to follow U.S. policy on the
issue to keep its support on the
Argentine question, and those
who believe the only criteria fflr
deciding the level of credits to
the Soviet Union sbould be com-
mercial.

Last December the U.S.
imposed unilateral trade sanc-
tions on the Soviet Union fol-
lowing the imposition of martial
law in Poland- These included
an embargo on certain types -of
oil and gas equipment needed
by European companies to fulfil
contracts for the Siberia-West
Europe pipeline.

This caused deep concern in
Bonn, London, Paris and Rome.
It is expected that U.S. efforts
to promote its credit quota pro-
posal will be met by demands
to lift the oil and gas equip-
ment embargo.

Discussions are likely to
intensify in the next month.
The U.S. proposals could be
raised at the economic summit
at Versailles in June.

Export credit plan criticised.
Page 6

of Thirty urges dollar intervention

BY DAVID MARSH

A STRONG call for the UE.
Government to resume inter-
vention on the currency markets
to help control the movement
of -the dollar has been made by
an international panel of mone-
tary experts.

Recent fluctuations on
exchange markets endanger
national economic policies and
stoke the fires of global pro-
tectionism, according to a report
published today by the New
York-based Group of Thirty
central and commercial bankers,
economists and industrialists.

The group calls for the U.S.
and other countries to adopt a
better “ mix " between fiscal
and monetary policies, to avoid
a lop-sided fight against infla-
tion.

Dr Johannes Witteveen, a
former managing director of
tbe International Monetary
Fund, who is chairman of the
group, called in London yes-
terday for greater inter-
national co-ordination of eco-
nomic policies as a “ very
urgent" matter for the global
economy.

The "first need" was for a
solution to the problem of
rising U.S. budget deficits,
which were sustaining upward
pressure on interest rates in
the U.S. and elsewhere. Tbe
U.S. sbould • " give up its. very
negative position on interven-
tion." ' " ’

The group's stress of the
importance of curbing the U.S.

budget deficit closely matches
the line Sir Geoffrey Howe, the
Chancellor of the Exchequer,
bas been taking in recent
speeches.

He will have a chance to put
the point again during talks
with Mr Donald Regan, U.S.
Treasury Secretary, in London
today. Mr Regan is in Europe
for the IMF meetings in Hel-
sinki next week. •

Co-ordinated central bank
intervention should be used to
back up domestic policies when
“market forces" were pushing
exchange rates' dearly out of
line, says the group.

There are. clear differences
on the issue between the Wash-
ington administration and the
-U.S. -central, bank,, and the

. Federal Reserve. Dr Witteveen
said Mr Anthony Solomon, pre-
sident of the New York Federal
Reserve Bank, and Professor
Henry Wallich, a governor of
the Washington Federal Reserve
Board, both agreed with the
recommendations. Each is a
member of the group.

. Rebuking the U.S. for what
some European central bankers
have called a new policy of
“ benign neglect ” of the dollar,
the groups says the fundamen-
tal issue is “the willingness,
when necessary, to take ex-
. change rate considerations into
. account in the formulation of
domestic policies."

Details. Page 8
.. Men and Matters, Page 24

Bundesbank ends 6 special’ Lombard rate

on employee
participation

By John Uoyd, Labour Editor

THE UE. Admimstration Is.
increasin gly concerned at the
effects of forthcoming EEC
legislation on employee pantita-
pari on on the operations of U.S.-
based multinationals.

Mr Sherman Unger, general
counsel to the U.S. Commerce
Department, told a London
seminar yesterday:. “I see some
problems coming out of this
legislation. It is possible that
there may be some extra-terri-
torial regulation of our economy
involved.”

Mr Unger has had. talks with
European Commission officials'
in Brussels on the forthcoming
legislation in . response • to
intense lobbying by' multina-
tionals to have the legislation
watered down or rejected.

Mr Uoger said at the
seminar the U.S. would not
seek to change or influence
legislation in other countries.
He admitted, however, that
there was growing and deep
concern within the U.S. Congress
and business community,
especially over the socalled
Vredeting proposals on dis-
closure of information to
employees.

These proposals, still in draft
form but likely to be enacted
later this year, lay down obliga-
tions on companies employing
more than 50 workers to con-
sult their representatives on
major decisions. They appear
to give workers an effective
veto over proposals of which
they disapprove.

They incorporate a by-pass
provision, under which union
officials can demand to nego-
tiate with a company’s top
management rather than local
executives. ■

A number of U.S. senators
have proposed blocking statutes
to prevent the EEC legislation
having effect an U.S. companies
within their “ home " country.

At . the same time European
employers, with the UK's
CBI in the. van, have
been vigorously - opposing
Vredeling.

They have been supported by
Conservative members of the
European - Parliament,

British Sugar is thoughtfully
-providing S and W Berisford
with every encouragement to
take a capital gain on its 40 per
cent holding, rather than to
launch a new offer when the
moratorium expires in July.
Tbe interim dividend has been
doubled (a smaller increase
than last year) and the. com-
pany is forecasting full year
profits of about £60m- Best of
all, profits for the six months
to March, are .71 per cent ahead
at £31m. . j •••;• ; • •

British Sugar may. "regard
yesterdayV lOp rise in the ■
share price : -to 500p -as- small
reward for. such bounty. But
Berisford is likely to. sit tight
in any case. It paid about 290p
on average for-its British. Sugar
shares and;the ruinung yield of
over 17 per ceht is comfortably
ahead of rts funding costs.
British Sugar’s- policy of distri-
buting almost alL its earnings'
means that Berisford receives a J
gross divideh'd-almOSt equivalent
to the net payment to its own
shareholders. - - ‘ ' *

Berisford is sitting on a book
profit of overfSOm, but tins
would be heavily Whittled down
by tax, were it to -sell. And it
probably has. little appetite, for
an offer around tbe 600p level.
So it may wait for British Sugar
to slow down and this is already-
starting to happen. The bene-
fits of rationalisation ■ came
through -strongly in. the' first

half, when the company owas:
also buoyed by. exMptibnal pgice
increases' and productivity gams;
Second half gross m a rg ins will
be under more pressure and
British Sugar will be .burdened,
with the full funding cost of
its RHM holding, entered at
cost despite a £2m book loss.

UDS

Since its £35*m- rights issue
at 93p a share — in 1979 UDS
has come out with progressively
more dismal figures. With yes-
terday's pre-tax profit of
£11.4m, excluding property

Index rose L5 to 576.9

items, for the -year to January,
the dividend has at last been
chopped back— by a total 42 per
cent. The shares, slumped by a
quarter yesterday to 55p f . at
wbich they yield 9i per cent—
nearly twice the stores average.

Operating profits were down-
by a fifth, despite £44m of loss

- elimination from the disposal of
; *Johri Myers and trading profits

in the continuing URL businesses
fell by almost £10m. ; The bad-
weather hit volume hard in the.
crucial final quarter, but there
were, also serious merchandise
and . marketing problems at
Richard Shops, ohee the group's
star business.

- The last , quarter’s operating
:c?iSh flow fell short of budget
by roughly £6xn, contributing to
a £24m cash leakage fbr the AiH
_year. Tbe dividend decision
-should be looked at hi the light
;b£ this figure; the time-honoured .
.expedient of ; paying sharer

holders. oat of the proceeds of
property sales could not go on *
in perpetuity. -. UDS is -capital-
ised at less than a third of its
stated £320m net worth.

Royal Bank

. The . profits: surge' in the
second half of the Royal Bank
of. Scotland’s Aast financial . year
IoaksL very much a flash in the
■ pan in the light of a small
decline to £43. lm pre-tax tn the
six months to March: The key
reason' for the stagnant per-
formance 'has been a squeeze on
margins in the mainstream
banking business. Domestic,
advances are up by 18 per cent,
but both current and seven-day
deposits have, risen at a con-
siderably slower pace than 'this,
so the bank has had to resort
increasingly to fmKis from the
wholesale markets.

' Profits at Williams and Glyn’s
have been more sluggish than
at the Scottish operation, mainly

due to the runaway success ir/ ;. <
.England in the home loarjj ’’
business, effectively at
rates. Meanwhile, the less cob
servative policy on aMotmtinr'.-A-k
for deferred taxation on 1 easing" c‘ = -
business continues to bump upi*
retained earnings. Since the
Royal must be one of the most'
highly capitalised banks in the "
country, this simply 1 underline?
further its need to reach e
decision on where It is going
Th*..9hares fell 4p yesterday te-
102p. Assuming the increase
in. the. . interim ’ dividend i«
.repeated at tbe final, the yield
is 9:1 per cent

Gerrard & National

' After coming through i
difficult 'first half just aboti
unscathed. Gerrard aoc- • ~

National has .enjoyed -mucT
more favourable money marke
conditions in the second hat
of its year to April 5— an?
would have done batter stit •'
had gilt-edged prices not faller-
steeply :on its balance shee
date: Reported pre-tax profit;
are - down from the 19S0-S- . r
tocoM of £5 ,8m to £43m, whid -
is probably a fair enougj
reflection cf the degree of slip,
page, while real net worth mus
now be somewhat above £50n
compared with a publisher
£32.1m. ' •

: Gerrard is busy positioning "
itself, through joint ventures if
'.the New York money marke
and Is financial futures. In thr
discount house, meanwhile
April was a profitable moot?
overall despite the Falkl&nds-
shroe tbe Bank of England i* =
raised its dealings rates by ver. .
much less than rates rose in tiir
interbank market. Gerrard ha-
felt able to lift its total divider:
by 121 per^nt which puts tfr •
shares, np 5p yesterday at 2® •
on a yield of 8.9 per cent i.
line with Union Discount Thtrs.; •
is roughly a third, above th-
yield .on the financial grom •
average, and neither sfiar--
looks expensive. ' •

BY STEWART FLEMING IN FRANKFURT AND LESLIE GOUTT IN BERLIN

THE BUNDESBANK, the West
Ge rman central bank, yesterday
sienelled its belief that the
worst of the country's economic
problems may be over by
abandoning the crisis '* special "
Lombard interest rate intro-
duced to defend the D-Mark in
February last year.

Tbe bank also took the oppor-
tunity presented by recent
encouraging news on the
balance of payments and the
inflation rate and the
strengthening of the D-Mark
against the dollar to relax
further its monetary policy.

Dr Karl Otto Poehl, Bundes-
bank president, said the
Lombard move was a " signal "
to West German commercial
banks to lower their interest
rates on loans Vo industry.

There were already signs
that they were doing this, he
said.

In returning to the normal
Lombard system of supplying
short-term credit to the banks,
the Bundesbank reduced the
rate from 9.5 to 9 per cent, the

Continued from Page 1

Pound gains

London dealers said fhe re-
cent sharp fall in the Govern-
ment’s borrowing requirement
— which means a war can be
.financed without unduly strain-
ing the anti-inflation strategy —
has been a prime influence
calming the market’s nerves.
Additionally, the foreign ex-
changes see Mrs Thatcher in
less political danger than at the
siart of tbe crisis a month ago —
although sentiment could swing
back quickly if events in the
South Atlantic start to go
against Britain.

News of the U.S. budget
compromise gave an early boost
to trading on Wall Street. Bond
and share prices increased
sharply when the markets
opened, but levelled out in the
middle of the day as investors
took stock of the tortuous poli-
tical path the latest proposals
must still run before they
become reality. The mar tots
were also helped by better news
on the Faiklands crisis.

level prevailing before tbe 12
per cent “ special " Lombard
was set in 1981. The Lombard
rate is the rate at which the
Bundesbank will lend to com-
mercial banks short-term.

The Bundesbank announced
new measures to add short-term
liquidity to the banking
system.. ' It said it would
purchaie short-term securities
from the banks, to be repur-
chased in one-month at a
minimum tender rate of 8.60
per cent

Dr Poehl noted with satisfac-
tion that confidence - in the
D-Mark had been restored to
the extent that it rose yester-
day to DM 2.30 against the
dollar on tbe foreign
exchanges.

The latest news about the
U.S. budget gave rise to
optimism that interest rates
there would fall. “A 14 to 15
per cent interest rate (in the
U.S.) with inflation at 5 .or 6
per cent is hardly imaginable,’'
he added.

The bank’s decision to "un-

couple” its interest rates- from
those in the U.S. had. proved
correct and West Germany
should continue to put its own
house in order and not "stare
at the U.S."

The Lombard rate cut was the
fifth since the bank took the
first step towards easing its
tight money policy last October.

Then it cut the “special”
Lombard from 12 to 11 per cent

The steady fall in German
rates . since then, and the
strengthening of the D-Mark
against tbe dollar in tbe past
three weeks, have raised bank
hopes that it is slowly escaping
from the influence of high
dollar interest rates on its dom-
estic monetary policy.

The Bundesbank's latest
action has been encouraged by
market reaction to the record
March " trade surplus of
DM 6.5bn (£1.5bn) which has
underpinned, hopes of a balance
or a surplus in ' the - current
account this year. Last year
West Germany had a DM 17bn

deficit

The bank's estimate that the
seasonally adjusted inflation
rate was less than 2 per cent
in tile first quarter of the year
(albeit under the influence of
falling oil prices) has been
another factor.

The continuing recession in
tbe domestic economy and high
unemployment levels are
putting pressure on tbe Bun-
desbank to ease interest rates
when this is possible without
risking a setback for the D-
mark on the foreign exchanges.

Although tbe bank hopes the
latest moves to ease its mone-
tary policy will lead to a
further cut in the cost of credit,
the measures do not apneac to
signal any abrupt easing in
monetary policy.

The central bank has
cautiously kept- the Lombard
rate cut to one half a percent-
age point and avoided any more
which might be interpreted as
pumping too much liquidity in-
to the banking system.

Weather

UK TODAY

RATHER cold, though many
places warmer than of late.
SJEL England

Brighter after cloudy start
with scattered showers later.
Max 12G (54F).

N. Ireland, Wales, West of
England and Western Scotland
Cloudy • with outbreaks of
light rain. . CooL Max IOC
(50F).

Central England and Scotland
Dry with sunny periods after
early mist and fog. Max 1 1C
(52F).

Outlook: Becoming milder with
rain in places.

Faiklands hopes

days. The Foreign Office appears
to have, taken advantage of the
shock and international unease
caused by the sinking of the
Argentine, cruiser, the General
Belgrano and the loss of HMS
Sheffield, to press for more
negotiations. Its view was
backed 'by the Cabinet, many
of whose members share these
■worries- •

The Foreign Office has been
arguing for flexibility, follow-
ing an Argentine commitment
to withdraw. Its apparent view
is that the islanders should not
have a veto over any longer-
term deal and that their rights; -
not their wishes, should be re-
garded as paramount

Two complementary sets of
talks have been under way.

First, a seven-point U.S.-
Peruvian plan to which Mrs
Thatcher said the UK had made
a 11 very constructive response."
The UK is working primarily
via Mr Haig, but the Foreign
Office has had direct' contact
with the Peruvian Government
in Lima, where there are

already two senior Argentine
officers.

Second, ideas put forward by
the UN Secretary General,
which apparently' cover an
immedate cease-fire -phased with
withdrawal of • • forces and
interim UN administration and
longer-term negotiations on
sovereignty. The UN Secretary
General apparently does not
believe he should be directly
involved, though is willing to
appoint an aide to use his
“good offices."- -

Mrs Thatcher welcomed the
UN ideas, though she said they
were very much a frajnework,
without any specific details, no
timetable and no practical
arrangements for implementa-
tion. But she said they did
link cessation of hostilities with
Argentine withdrawal as a basis
for discussion.

In Buenos Aires Sr Frugoli
would not go into detail about
the UN initiative, but said bis
government would be open to
any settlement that safe-
guarded Argentina's “honour

Continued from Page 1

and legitimate rights."

Diplomats in Buenos Aires
meanwhile confirm that Argen-
tina’s military junta would
almost certainly insist’ on. for-
mal . recognition by Britain of
its sovereignty claims over the
islands at an early stage in nego-
tiation at the UN before com-
pleting the withdrawal of its
troops. The sources believe any
peace initiative will founder un-
less Britain agrees first to with-
draw its task force. •

sisted on casting Agentina
again in the role of innocent
defender against British aggres-
sion. He said the sinking of the
Argentine cruiser Belgrano last
Sunday was an. affront against
the “ conscience of humanity,"
but that the sinking of the
Sheffield was a “ matter for the
British Government." The
Argentine Government yester-
day claimed that 680 of the esti-.
"mated 1,048 crew members on
board the Belgrano had been
rescued, but refused to give any
casualty figures.

midday . midday

•C *F *C *F

Ajaccio C 17 63 L. Ang.f — —
Algiers C 22 72 Luxmbg. C 8 46

Amsdm. C . 9 48 Luxor S 31 88

Athens S 20 68 Madrid S 14 57

Bahrain S 31 88 Majorca C 20 68

Barclna. C 17 63 Malaga S 21 70

Beirut F 21 70 Malta- -S19 66

Belfast F 8 46 Mchstr. F • 11 52

BHgrd. F 24 75 Malbne. .

Berlin C B 46 Mi. C-t — —

Biarritz C TO SO Miamlt F 20 68

Bmghm. C 10 50 Milan • . — —

Blackp'l C 10 50 Montr'lt C 12 54

Bordx. C 10 50 Moscow C 21 70

Boulgn. — -i- Munich C 10 5£>

Bristol F 12 Sdl Nairobi . F 23 73

Brussels C S 48 [Naples R 20 SB

BudpsL

Cairo

— — Nassau
S 26 79 Nwcsrf.

Cardiff C 11 52 N Yoftt F 16 B1

Cashed.
Cans T.

1 Nice

F 17 63

— — Oporto S '15 59
Cologne F 15 59 Oslo F to 50

Cpnhgn. S 9 48 Farts C 10 50

Corfu S 21 70 Perth' — —

Denverf F 0 32 Prague C 9 48

Dublin C 8 46 Rykjvk. F 5 41

Dbrvnk. F 18 64 Rhodes S 20 68

Edibgh. ' Sn 3 37 Rio J’ot — —
Faro S 19 66 Rome R 17 63

Florence C 18 64 Salzb’rp F 11 53

Frankft F 13 55 S'dscot — —

Funchal C 16 61 S.-.M’ritr — —

Geneva F 9 46 Sinqepr. S 28 82

Gibrftr. S 21 70 S'traqOf — —

Glasg'w C 6 43 Stcfehm. C 10 50

G'maey F 9 48 Strasb’g — —

Helsinki F 21 7t> Sydney — —

H. Konq C 24 76 Tangier S 18 64

Innsbrflt S IS 59 Tel Aviv S 22 77

invmss. F ‘ 7 45 Tenerife C 15 59

l.o.Man — — Tokyo C 73 7S

Istanbul F 14 57 Tori mot C io so

Jer-vsy F 9 48 Tunis £ 24 75

Jo'burg — — Valencia F IS H

L. Pima. C 19 66 VenieB C 18 6a

Lisbon.' F 9 48 Vienna F B 85

Locarno R 11 S, Warsaw C 21 70

London C 6 43 Zurich C 8 46

C— Cloudy. F— Fair. fWflain. S — Sunny
f Noon OUT tomperaturg*.

A universal bank has the
right instruments to determine
your exact position and help
plot the best course to your
goal. The coordinates of our
.branch system dottheglobe.

Among our comprehensive -
services are time and notice
deposits in all major currencies,
short, medium and long-term
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other Eurocurrencies with spe-
cial-emphasis on trade finance
andTorfaiting), placemantand

trading in foreign securities
such as Eurobonds, conver-
tibles etc., foreign exchange,
and international portfolio
management

Whenever and wherever you
encounter problems with com-
plicated intemationaliinancing,
contact the Deutsche Bank. ;

Well, put your- business on a
proper bourse. . • • - •
Deutsche Barik AG- ■

London Branch • ’

6 Bishopsgate, P.O. Box 441
LondonEC2P2AT
Tel: 28346-00 : '

Deutsche Barik I

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